A bill to amend and extend the Irish Peace Process and Cultural Training Program Act of 1998.

Amends the Irish Peace Process Cultural and Training Program Act of 1998 (IPPCTPA) to prescribe Irish Peace Process Cultural and Training Program participant requirements. Requires a participant to be an alien who: (1) is a citizen of the United Kingdom or the Republic of Ireland; (2) is between 21 and 35 years of age on the date of departure for the United States; (3) has resided continuously in a designated county (in Northern Ireland or the Republic of Ireland) for at least six months before such date; (4) has been continuously unemployed for at least six months before such date; and (5) does not have a degree from an institution of higher education.

Requires the Secretary of Homeland Security to report each program year to Congress (currently, the third program year and the three subsequent years) on the number of aliens admitted who have overstayed their visas.

Extends the authority of the IPPCTPA through FY 2008.

Amends the Immigration and Nationality Act to revise the nonimmigrant alien eligibility qualifications for program participants to conform to this Act. Reduces from 36 to 24 months the temporary period of the visit to the United States for participation in the program.

Denies any such person eligibility to apply for an immigrant visa, or for permanent residence, or for a nonimmigrant visa under such Act until he or she has resided and been physically present in the country of nationality or last residence for an aggregate of a least two years following departure from the United States. Authorizes the Secretary to waive this requirement if: (1) departure from the United States would impose exceptional hardship upon the alien's spouse or child (if such spouse or child is a U.S. citizen or a lawfully resident alien); or (2) the admission of the alien is in the U.S. public or national interest.