I've been over to the Bioware forum and it seems that an early version of the toolset will be released in the beginning of May. Trent O. confirmed the news but warns people that anything created with the early version may not be compatible with the shipped version. It seems like for the toolset bioware is having a beta with the general public....that's fine by me, a little practice working the program will be nice.
As of right now it seems the only way to get it is through EBgames when you pre-oreder the full game...but this might change.

FYI:

Posted by Jay Watamaniuk on Wednesday, 1 May 2002 17:29 on the Bioware Forums:

"Neverwinter Nights fans get an early look at the tools that make the game.

Fans of Neverwinter Nights will soon be able to get their hands on the BETA version of the Aurora Neverwinter Nights Toolset - the same tools that BioWare developers are using to build the game's expansive Official Neverwinter Nights Campaign story. This BETA version
of the Neverwinter Nights Toolset is being made available to enable the Neverwinter Nights community to become familiar with the easy-to-use Toolset, and with the process of building Neverwinter Nights modules. The BETA version is an 'in development snapshot' of the toolset that we've chosen to release to the fans early. It is not finished, but it is quite cool, and we thought the Neverwinter Nights community would appreciate getting their hands on it. The full, complete toolset will be included with the Final Neverwinter Nights game (coming soon to a software shop near you).

So, where can you get the BETA version of the Aurora Neverwinter Nights Toolset?
Participating retailers (Electronics Boutique, Best Buy, and GameStop) are making the Aurora Neverwinter Nights Toolset available as a Pre-Order bonus disc. As well, some of the participating retailers are also including in the pre-order package, a special 'custom created' module - to be made available after Neverwinter Nights is released.

About the BETA version of the Neverwinter Toolset:

This is a BETA release of the Aurora Neverwinter Nights Toolset. As with the previously released Neverwinter Nights Model Viewer, the Toolset may not work on certain systems. As a BETA version, it will include a limited selection of the final content in the game. There will be no updates, patches, or fixes to this BETA version of the Toolset. You will not be able to play, or test modules created with this version of the Toolset - you need the server software to do this, and that will be shipped with the final version of Neverwinter Nights.

Modules created with the BETA toolset will probably not work in the final game. Neverwinter Nights is still under development, and we may change the way things work. We will attempt to build a utility to convert modules made with the BETA toolset to be compatible with the final retail game, however we make no guarantee this will be possible.

Additionally, fans with a fast Internet connection can download the Aurora Toolset from various gaming websites (to be announced). Be warned, the toolset download is quite large!"

It'll be fun to re-build a couple of famous movie scenes. The Moria scene from LOTR, the village fight from the 13th warrior, etc.