Symbolic Computation software such as Maple or Mathematica
    can compute 10,000 digits of  
  in a blink,
    and another 20,000-1,000,000 digits overnight (range depends
    on hardware platform).
    It is possible to retrieve 1.25+ million digits of  
  via anonymous
    ftp from the site wuarchive.wustl.edu, in the files pi.doc.Z and
    pi.dat.Z which reside in subdirectory doc/misc/pi.
    New York's Chudnovsky brothers have computed 2 billion digits of  
 
    on a homebrew computer.
The current record is held by Yasumasa Kanada and Daisuke Takahashi 
from the University of Tokyo
with 51 billion digits of  
  (51,539,600,000 decimal
digits to be precise).
Nick Johnson-Hill has an interesting page of  
  
trivia at: http://www.users.globalnet.co.uk/ nickjh/Pi.htm
The new record for the number of digits of  
  is 4.29496 billion
decimal digits of pi were calculated and verified by 28th August '95.
Related documents are available with anonymous ftp to www.cc.u-tokyo.ac.jp.
ftp://www.cc.u-tokyo.ac.jp/
This computations were made by Yasumasa Kanada, at the University of Tokyo.
    There are essentially 3 different methods to calculate  
 
 to many decimals.
     Set  
   
   
   
 
      
   
 
     Then  
 , where
 
 
The great advantages of this formula are that
1) It converges linearly, but very fast (more than 14 decimal digits per term).
     2) The way it is written, all operations to compute S can be programmed
     very simply. This is why the constant  
  appearing in the
     denominator has been written this way instead of 262537412640768000.
     This is how the Chudnovsky's have computed several billion decimals.
An interesting new method was recently proposed by David Bailey, Peter Borwein and Simon Plouffe. It can compute the Nth hexadecimal digit of Pi efficiently without the previous N-1 digits. The method is based on the formula:
 
 
in O(N) time and O(log N) space. (See references.)
     The
     following 160 character C program, written by Dik T. Winter at CWI,
     computes  
  to 800 decimal digits.
     int a=10000,b,c=2800,d,e,f[2801],g;main(){for(;b-c;)f[b++]=a/5;
     for(;d=0,g=c*2;c-=14,printf("%.4d",e+d/a),e=d%a)for(b=c;d+=f[b]*a,
     f[b]=d%--g,d/=g--,--b;d*=b);}
References
    P. B. Borwein, and D. H. Bailey. Ramanujan, Modular Equations,
    and Approximations to  
  American Mathematical
    Monthly, vol. 96, no. 3 (March 1989), p. 201-220.
    D. H. Bailey, P. B. Borwein, and S. Plouffe. A New Formula for 
    Picking off Pieces of Pi, Science News, v 148, p 279 (Oct 28, 1995).
    also at  http://www.cecm.sfu.ca/~pborwein 
J.M. Borwein and P.B. Borwein. The arithmetic-geometric mean and fast computation of elementary functions. SIAM Review, Vol. 26, 1984, pp. 351-366.
    J.M. Borwein and P.B. Borwein. More quadratically converging algorithms for  
 . Mathematics of Computation, Vol. 46, 1986, pp. 247-253.
   Shlomo Breuer and Gideon Zwas Mathematical-educational aspects of the computation of  
  Int. J. Math. Educ. Sci. Technol., Vol. 15, No. 2, 1984,
    pp. 231-244.
David Chudnovsky and Gregory Chudnovsky. The computation of classical constants. Columbia University, Proc. Natl. Acad. Sci. USA, Vol. 86, 1989.
Classical Constants and Functions: Computations and Continued Fraction Expansions D.V.Chudnovsky, G.V.Chudnovsky, H.Cohn, M.B.Nathanson, eds. Number Theory, New York Seminar 1989-1990.
    Y. Kanada and Y. Tamura. Calculation of  
  to 10,013,395 decimal places based on the
    Gauss-Legendre algorithm and Gauss arctangent relation. Computer Centre, University of Tokyo, 1983.
    Morris Newman and Daniel Shanks. On a sequence arising in series for  
 . Mathematics of computation, Vol. 42, No. 165, Jan 1984,
    pp. 199-217.
    E. Salamin. Computation of  
  using arithmetic-geometric mean. Mathematics of Computation, Vol. 30, 1976, pp. 565-570
    David Singmaster. The legal values of  
 . The Mathematical Intelligencer, Vol. 7, No. 2, 1985.
    Stan Wagon. Is  
  normal? The Mathematical Intelligencer, Vol. 7, No. 3, 1985.
    A history of  
 . P. Beckman. Golem Press, CO, 1971 (fourth edition 1977)
     
  and the AGM - a study in analytic number theory and
    computational complexity. J.M. Borwein and P.B. Borwein. Wiley, New York, 1987.