international student on a student visa

I'm an international student, on a student visa.
On Sept 30th, 2004, my visa will be expiring.

I'm on a Masters program with my school. I've been told that I can apply for a work permit within 90 days after my expiry, but technically it means I should put forth an application for a work permit just before it expires (As it's a requirement to put in the app when you're still on a study permit)

My first question is: Can I keep looking for a company to sponsor me till Sept 15th, and when I get the job offer letter from a company that's willing to sponsor me... I send it to HRDC for approval - all before the 30th? If the question is not clear, someone please explain me the 90 days 'bridge' that I can get AFTER expiry of my study permit/visa. Do I need to apply to get those extra 90 days? Or do I think that realistically, I can stay here till Dec 30th, without any paperwork?

Really confused about this 90 stay extension thing. On the lookout for a job offer though.

2nd question: Because I could not do co-op due to lack of company-school ties, I didn't have that on-hands experience. A friend of mine is willing to help me out by trying to get me in his company as an intern. My question to you is, can I use that 'intern' offer as a basis to apply for my 'work' permit? :-S I know it sounds odd, but I'm keeping my options open.

Thanks in advance.