Some training centers claim they have real projects for students to do. This is impossible. If a company dares to leave its project with a class of students in a training class, this company is probably training center itself.
According to my experiences, if a student can finish 2-3 concept-of-prove things, I am condifdent enough to recommend him as an intermediate Java/Web programmer.
Though I don't understand what your meant by virtual projects, I guess it is difficult to organize.