Sounds like you need to work on some self discipline. If you can get your social life, studies, hacking, and business efforts under control, THEN I would suggest you should go for the monumental jump and "drop out". If you think you'll have more time when your startup takes off, think again. If you are interested in VC funding at some point, then you might find it challenging when they step in and start calling shots and start telling you directly what you need to do in order to make things successful - some of it might be stuff you will resist in the same way you seem to be resisting your college work.

You sound like a young, intelligent, and energetic guy...see if you can get yourself organized such that every aspect of your college life is organized to the point of efficiency. If you can accomplish that, then you surely will have the management mettle to make a startup successful. Self discipline is an extremely important quality when undertaking something ambitious such as a startup. It seems to me that you should acquire self discipline and other important skills that are not directly related to the technical aspect of doing a startup before dropping out.