Well, putting on my mildly manipulative hat....I'd start with a coffee, and a "are you ok" conversation. Move into how you've "noticed" she's having trouble keeping up and want to "help" (note, that's help her get her thumb out, not help her pass the course). How you're sorry to tell her that there's nothing you can do about what's already happened, and that she's already off one project....and that you want to know what you can do to keep her from falling off more.

It lays the ground rules (she's off the first, she's in danger of falling off the second, you will not rescue her entirely), but it also provides an out (she's not dead yet, you're still her friend, you want to hear her, she can still fix some things), and doesn't imply that you're angry or pissed off.

Mind you, I wouldn't blame you if you were angry or pissed off....people like that drive me mental. I'm sure teachers intentionally teamed me up with them in school to ensure they passed. But if you come to her with that first...she's gonna get defensive and the whole situation will get worse quicker.

Basically, though, Steph's right. Is this someone you like abit, or is it a proper friend? Because sometimes, friends are required to give other friends a good swift kick. It's in the contract.

Good luck with it.

G