If you're a student you can actually get MS Office for next to nothing but I can vouch for OpenOffice, even though it's owned by Oracle now, it is an excellent productivity suite with MS Office file compatibility. Some people are unhappy with the whole Oracle thing though and many are hopping onto
LibreOffice which I hear great things about but have not yet had a chance to download and use.
Browser - I can't get on the Chrome bandwagon, I just can't do it. Firefox here although I have no bad feelings for IE and use it a lot still.
Image Editing - Gimp, hands down. The clear leader with an extremely extensive list of add-ons also freely available (see how many Gim posts Cerv has made in Cool Links)
Multimedia player - VLC for sure
Archiving/Compression - you MUST use 7zip!
Text editor - Notepad++ with no question
Although I own Office 97, 2000, 2003, and 2007 I don't even have it installed on my new PC anymore. I'm straight opensource now other than the very few games I play. It's kind of neat to be able to do so much for so little!
X