There's definitely a balance to be struck between 'enjoying' your college life and getting something worthwhile out of a college education. As someone who lived in some 6 different flatshares during my academic career, I can say that I've sampled both sides of that balance...
In my first year, I was put in a random flat with three other guys. I happened to know one of them already (by chance) and the other two were hard-working, down-to-Earth guys and all-in-all, first year was a breeze... nice atmosphere, semi-sociable flatmates, and a great environment to get my studies off to a good start...
...but rather than stay with them for the rest of college, I decided it would be a good move to get a flat with some mates instead, mates who I went out drinking (etc.) with, and it wasn't long before things started to go a bit awry. My flatmates were basically the biggest bunch of stoners you could ever meet, and I was lucky to escape 2nd year with just one resit... Don't get me wrong, we had some great nights and did some pretty silly things, but it wasn't for me, and it almost cost me my degree (and plenty more besides, but that's another story).
I learned my lesson quick and got out of there for the rest of Uni... my 3rd year was a real turn-around, and I moved in with some people who were mates (first and foremost), but also took their work seriously enough to know where to draw the line. I was lucky to escape from the 24/7 party environment before I did myself some irreparable academic harm, and learned a valuable lesson about what sort of people I wanted/needed to live with in order to get the most out of being at college. Of the guys I lived with during my degree, we all made it through, except for the three guys I lived with in my 2nd year, who all failed (for the most part)...
You will make mistakes, you will have some hard decisions and some low times - but arguably, these few years made me the person I am today. Although my 2nd year at Uni was a very tough year for many reasons, it now feels more like a 'rite of passage' than nearly anything else... I'm not proud of alot of what happened in 1992, but I am proud of the fact that I put it behind me and can even look back and laugh at it now. I'm not sure I'd choose to 'do it all again', but even this terrible year does little to take away from the benefit of the other 6 years I spent in Uni. So if you get the chance to go to college, take it. Just don't expect to be the exact same person when you pop out the other side.