Relax. Breathe. It'll be OK.
One thing that I've realized about medical school - the amount of information that you have to memorize is vast, yes. But it's not insurmountable. What I find the most intimidating is the sheer volume of resources at your disposal. As an MS2, I am still struggling with *what* and *how* to study. I wish that someone would hand me a book entitled "Everything you need to know to get through medical school and become a doctor," and say, "memorize this." Unfortunately, that doesn't happen. 🙂
But seriously, a little organization at the beginning will really be worth it at the end. This is the advice that I give to all the 1st year students. For each class/block, pick 2 or 3 solid resources that you will use exclusively. Then, don't even bother buying anything else. If you need another resource that desperately, use the internet, go to the library, or borrow a book from a classmate.
To give you an example of what I mean, these were some of my MS1 resources:
For anatomy, this was lecture notes, lecture powerpoints, and Netter Atlas/flashcards.
For embryo, it was lecture notes, lecture powerpoints, and Langman's.
For histo, it was lecture notes, lecture powerpoints, and looking at lots of slides on Blue Histology and so on.
For CMB, lecture notes, lecture powerpoints, and lots and lots of Wikipedia (and the occasional glimpse at Lehninger).
Sense a trend? In short, you don't have time to use every single resource at your disposal. Trying to do so will be counterproductive, anyway, as most of them will say the same stuff over and over again. Pick a couple of sources that you like, can trust, can understand, and can get through feasibly in your limited time frame. This is the method that I used, and I managed to do fine. (I do realize that everyone studies and learns in a different manner - however, I believe that limiting your resources is sound advice for anyone trying to slog through this much material in such a short time). Which resources you deem most appropriate for your style of learning is up to you, and might take a little bit of trial-and-error.
DON'T worry about what your classmates are doing/reading/how they are studying. Just because Jenny is making flashcards and Tom is reading Rohen instead of Netter doesn't mean that you should be doing those things, too. Don't even LOOK at other people study. Just do your own thing. Good luck. I'm so glad I don't have to go through M1 again.