I am a Computer Science undergrad I want to get involved in
open street map development please help me with some
relevant links and newbie bugs from where I can start.
that mainly depends on what you specifically mean by development.
OpenStreetMap first of all is a database and there are many pieces
of software involved when it comes to entering data or extracting
data and generating useful representations of them.
A good overview over possible development tasks in the OpenStreetMap
universe is the wiki
No matter what your specific expertise is, you will find something
Apart from that there are still numerous areas with little
datacoverage and the documentation could still be expanded but from
what you write I guess that you are primarily interested in software