I have pondered dropping out numerous times. I think the only thing, or people rather, keeping me in college are my parents and my sister.
I'm already 24, and I'm on my third major, in only my second year at a university. I took 2 years of classes at a community college for Cisco networking. Then I worked for nearly 3 years in retail. Then I went to Penn State for Mechanical Engineering for a year, then made what seems to have been a lateral move to Mechanical Engineering Technology. I'm still not sure if it's the right major for me.
I'm kind of one of those people who doesn't really do anything for fun. The closest things I do to fun are play computer games (Simcity is the latest one, Homeworld 2 before that), watch TV, or kill time on Anandtech. I've never been especially social. If I'm with more than maybe 2 other people, and they start talking, I just feel like clamping my hands over my ears and screaming, "SHUT UP SHUT UP SHUT UP!!!". I just can't stand it when multiple people are talking at once. And this campus, probably like most campuses, is designed for social people. The activities, the living arrangements, even some of the homework, is meant to keep everyone in close proximity.
So anyway, this lack of having fun kind of makes it tough for me to find a major. I picked ME/MET because I'm generally good at working with inanimate objects, and I also keep seeing ways of improving existing designs, or just finding better, more efficient ways of doing things. People also tell me that I think about things too much, or I'll overthink things more than anyone else. I'm hoping that that'll be an asset with engineering.
And then there's the idiots with their bass systems that can shake the walls. I'm in a campus apartment, and it does help a little bit, if only due to the fact that there aren't as many people packed in so closely, which reduces the probability of having a loud stereo system nearby. People love to party, starting Thursday nights, which includes wrestling, running, and loud music, all audible courtesy of paper-thin walls and floors. I think that the "social" aspect of this place is what really contributes to me wanting to get the hell out.
Back home, it was quiet. My parents were always big on not making a lot of noise, and it wasn't a really big house, so anyone could hear just about anything anywhere in the house. Plus, I had my own computer room, where I could go and just be alone. I don't have that here. I don't have my quiet, safe, isolated place to be. There are always people around somewhere, or loud noises - I just can't get away, so I'm always at least somewhat on edge. The only times I really calm down are on the weekends, at night, when I can wear earplugs to sleep - can't do that during the week, or else I wouldn't hear my alarm clock. I also can't rely on myself just getting up after a certain amount of time. With earplugs in, I can stay asleep anywhere from 8-14hrs.
Concerning roommates, I haven't had any truly horrible ones yet. I'm with my third roommate now. First roommate, he was my polar opposite. People were his addiction. He loved being around them. But he was also smart, and considerate. He wouldn't bring huge crowds back to the room, since I'd told him about my asocial tendancies. And he tried to avoid being too boisterous around me.
Second roommate - we didn't talk a whole lot. He was a partier. He'd get very drunk every single week, sometimes to the point of throwing up in the trash can. He had friends over, and they'd party out in the livingroom. Sometimes his idiot drunk friends would wander back into the bedroom where I was, and I'd have to redirect them back out to the livingroom. So we really just kind of co-existed - very little talking was done. I just dealt with it as best as I could.
Third roommate - I wouldn't mind rooming with him for the next few years that I'll be here, but he's probably graduating this year, as he's a 5th year senior. He's reasonable, mature, and easygoing. Plus he exercises restraint when drinking. He won't drive if he's just had something to drink, and he doesn't drink to get drunk.
So there are environmental factors which contribute to my stress, which can make it more difficult to deal with the schoolwork. One thing that's helped a bit:
Sennheiser HD-280 Pro's.

They block out a decent amount of noise, and sound great. I can put them on, take my MP3 player, and go somewhere away from the computer (which can be a tempting distraction) to do homework.
Homework: I do find a lot of it to be simply tedious, and not truly challenging. By that I mean that it strikes me as stuff that an Excel spreadsheet would be good at doing - it's a lot of memorizing equations and plugging in numbers. There are just so many of them, and often they go in series, so if I screw up the first one with some stupid mistake, it botches up all the other answers. Some teachers give partial credit for such mistakes, some don't. You've got to learn the techniques for each teacher, figure out the relative worth of each assignment, and prioritize. I try to finish the most valuable or most difficult assignments first.
I'm not sure what exactly I would find challenging though. I liked the philosophy classes I had at the community college. They require thinking about things that a computer can't do. What I'm trying to say is that, while working on these lengthy assignments can be a challenge, it just doesn't feel challenging. I know that I can do basic algebra, which is most of what these problems require. The equations are derived through calculus, but I don't have to do that, as the equations are given in their final forms. Challenging should push the mind to think in new ways, or to come up with new ideas, not just rehash old information. I just kind of go along with each day, plodding along like I did when I worked at Walmart for 2.5yrs, just hoping that something will look better.
My advice to you (and probably to myself too) - talk to your advisor, or maybe a counselor if they have them on campus. Maybe between you, you can figure out a solution to the problems you face.