If you just loaf around in college, you will flunk out. You will then be SOL the rest your life, since you will never have the education you need to get a job any better than flipping burgers.
To flunk out is to party on a weeknight before a test, exam, quiz, etc. One gets so inebriated that he/she flunks his/her test, exam, quiz, etc. Another word for faded, throwed, or any other synonym, but with more meaning.
"Hey man, do you plan on going out tonight? You have two exams tomorrow."
