Some people can do it with success, but I find those people are almost always going into a degree that doesn't use much prior knowledge - law for example. About half of the people I know who went back to school for something like that made it through.
Those who go back and enter science, math, and engineering tend to have a VERY difficult time. I think I've watched about 20 people go back into engineering and not one has made it more than a year. That is because those classes use knowledge and techniques which you haven't seen or used in a dozen years. While it is second nature to the 18 year olds taking the class, the 30 year olds struggle immensely just due to the time difference and the brain difference (your brain isn't in learning mode anymore and you have become addicted to having your evenings free). Yes, it can be done. But you must realize that it'll be 100 times harder than you think it will be.
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