You can go out, join clubs and organizations, play a sport, have a job, date, earn good grades, hangout with friends, and have a ton of fun in college. It's possible but it's a delicate balance. You can't let any one thing take over your life in college or in any time of your life really. Freshman year is when you learn how good you really are at time management. Some people need more help than others and the variation roots from what people value.
Academics should be the most important, but that doesn't mean you can't ditch studying for a friend who needs you or put work off until the last minute because there is a show on campus or midnight bingo. School should take priority but that's only most of the time. Go out, have fun and be responsible.
Most things are good in moderation. Suddenly no one can force you to go to class or go to bed or study, and while that sounds great, it is good to have some kind of structure at school. Don't be embarrassed by going to bed early or on time even, especially if you have a test or an 8am the next day. But don't worry when you're up until 2 a.m. because that will happen too. And DO NOT be the fool that sets off the fire alarm with your burnt popcorn in the middle of the night! Microwave popcorn shouldn't be that difficult.
When things do get hard though, you know the real deal stuff like a midterm or a practical or turning in a six page paper don't back down. Don't put it off only to suffer the night before cramming. How nice would it be to be prepared? It relieves most of the stress.
College will be what you put into it. All the advice you've heard, the things people tell you are definite, don't always apply. I've seen people make it through freshman year without gaining 15 pounds or failing a test. There is so much to learn and be excited about so forget all of the things that might happen or are supposed to happen. You have more control than you think over freshman year.