Finally! Something i actually know something about.
Papers? Yes but about the same as any other college class.
Research? Yes, in the go to the library and find books on this or that sense. Most likely there won't be any personally conducting experiments kind of research.
How much reading, how much work, how much memorization? Depends on how well you want to do. If you want to stop at the BA, it probably won't be too rough, at least not for someone who has clearly already proven they can at least handle college level work. If you are talking about getting into a masters or doctoral program after, there is going to be a ton of work. I spend hours and hours and hours every week studying, in addition to going to nearly every lecture in a semester. If you want good grades, it will be a lot of work. I know plenty of people who don't go to class, don't read the book, and just study off of class notes that they downloaded from a course's website, who pass the classes. You could do very little work and probably scrape by. The amount of work you do really depends on how far you want to go.
Remember, graduate psychology programs are really competitive. A lot of people think they can get their BA or BS in psychology, graduate with a 2.7 GPA and then get into a doctoral program. I may not be in graduate school but i have seen a lot of people kid themselves and i have seen people get C's in nearly all of their psychology courses who insist they are going to be a doctor. I've seen 65 people in a class of 70 raise their hands when asked they are planning on becoming a psychologist and have a class average final grade be in the low 70's or upper 60's. Or people who can barely grasp basic algebra and yet claim they are going to be a researcher.
I guess the point of my little rant, besides giving the grad students a chance to laugh at an undergrad giving advice about getting into doctoral programs, is if going to graduate school for psychology is your goal, then bust your *** from now on and do as well as you can because it is a long, tough road.