Here are some of the terms and conditions set forward by my employer. Does these make sense for a job like programming?

1. No freelancing in any way even in your free time outside company work hours (may be okay. May be they wanted their employees to be fully concentrating on their full time job. Also they don't want their employees to do similar work for a competing client. Completely rational in that sense). -> So sort of agreed.
2. Any thing you develop like ideas, design, code etc while I'm employed there, makes them the owner of that. Seriously? Don't you think that its bad (for me)? If I'm to develop something in my free time (by cutting down sleep and hard working), outside the company time and resource, is that claim rational? I heard that Steve Wozniak had such a contract while he was working at HP. But that sort of hardware design and also those companies pay well, when compared to the peanuts I get.
3. No other kind of works allowed. Means no open source stuffs. Fully dedicated to being a puppet for the employer, though the working environment is sort of okay. According to my assessment this place would score a 10/12 in Joel's test.

So are these terms okay especially considering the fact that I'm underpaid with peanuts?