Aviary is an impressive suite of online tools. They have an image editor (Phoenix), a vector editor (Raven), and an audio editor (Myna) among other things. Phoenix is comparable to Adobe Photoshop, Raven to InDesign and Myna to Garage Band or Audacity. If you sign up for a free account, you will be able to save your creations to the “cloud.”
Like all great web 2.0 tools, Aviary offers extra perks for educational use. It allows you to set up free student accounts which can be managed by the instructor.
Check it out here: http://www.aviaryeducation.com/.