When they talk about "free time" in med school, for the first two years they are essentially talking about your lunch and dinner hours, and perhaps the weekend (two if you're lucky) that you don't have big tests coming up. There are days when you simply say "I don't care if I barely pass this upcoming test, I HAVE to go home and see Mom." That's "free time" and this term is used very loosely for any time you are not engaged in the classroom, labs, or studying.
As far as reading to disadvantaged kids, there is a nearby school that is affiliated w/ the school where you can spend your lunch time one day a week hanging out w/ the little ones. It is very important that when you do take a break, you do something very un-school like. Playing w/ the nearby kids serves this purpose, and it is very rewarding too. Also, the clubs get together and put on different gatherings, cook-outs, etc. But keep in mind, this will be 2nd yrs that organize it, and it is VERY MUCH planned according to the holes in the testing schedule. While we first years will have one to two tests per week, the second years have two to four. Sometimes, they can't help but plan it on a weekend before a test, but they really do work hard to keep in mind the more difficult tests coming up when they plan activities.
You SHOULD get involved w/ the different clubs. As a MSI, this involves going to meetings during your lunch period, eating free food, and either listening to guest speakers or planning new events for the club. It isn't as time-consuming as you think because it is completely run by students who are also studying every spare moment like you are. Also, the school works very hard to stay involved in community outreach and education programs. This is very important too bcs you are helping and educating the taxpayers that make your education possible about the school in which the dollars are being spent.
NO, you won't have as much free time as you did when you were slacking off in undergrad. YES, you will eventually see your family and friends when the test schedule is slightly lighter. YES, alot of orientation seems like crap when you are going through it, but it is important crap, and you need to grin and bear it, it might be important later. It's one of those times when you are expected to just act professional and do what you are told.
Attitude ends up playing a very big role in how your peers and professors evaluate you-you will hear ALL about non-cogs in orientation. This is true also in the leadership and participation in clubs and organizations. They expect us to be leaders, and want us to get involved as much as possible and make connections.
Being involved in the clubs gives you a chance to rub noses w/ the area Drs. that head up the residency selection committees, as well as get insight into what the different specialties really involve. Keep in mind that you are also padding that resume for your residency apps. You will meet some very important people that can help you acheive your dream residency position, or decide what specialty is the right one for you (at least as much as you can before rotations). Also, they cover very important issues in their field of study that will effect us all as Drs.
Don't sweat it, before you know it we will all be second years, when everything is a BREEZE. Yeah right! LOL