I have a classmate with a 45 min + drive each way. Most of the time it appears to work okay for here, even though she loses a lot of time. Around exams, though, she's stays with a classmate who lives much closer.
Riding buses & trains would at least mean that you don't have to lose that time every day.
I have a four hour round trip that I drive once a week. I came across a software program that saves text to a sound file that you can burn to a CD and listen to while driving. The voice is a bit electronic but it's better then nothing. http://www.naturalreaders.com/
U can tape ur lectures in class and put them on ur mp3 player and listen to lectures; that way on ur commute u can study and get alot done so u dont have to study as much when ur at home.
I dotn commute but I have lectures on audio and i listen to lectures while I do cardio, so i dont feel guilty when i work out alot and its during exams. Personally nothing beats getting ripped and getting ur learn on!