Summer Internship. What to do now?

I will be graduating in May 2012 with degree in Finance. I recently accepted an offer at JP Morgan for the 2012 Operation summer internship Development Program, the program starts in June and runs through August 2012.
Since the internship is only 10 weeks long and I will be in need of a full time position after. I need some advise on what is the appropriate way to apply for the jobs now.

A few questions I have are:
- When is the appropriate time to begin to apply for the next job? Should I be applying now or after I start the position?
- Can I add the position to my resume now with the appropriate dates and explain the situation in my cover letter?

Thanks in advance.

 

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