I was actually in the waxing lab last Thursday night finishing up some work for FPD, and was suprised that there were a number of 1st years waxing at 11:30, and then they planned to go to the Health Science Library after to study for that Histo test you guys had the next day. I don't mean to say that this was necessarily a bad thing - just that I would have never done that because that's not what worked for me. What's important - and what took me the entire first semester to discover - is that you've got to find a study method that works for you. I found that what worked best for me was trying to go to bed early, and then waking up early and studying. Like someone else said, the studying that you actually get done at 2am is probably much less worthwhile than the sleep you could have been getting. Getting 8 hours of sleep will make everything better, trust me, haha.
Also, don't think that because some people study X hours a day and every weekend that you should be doing the exact same.
I know that I was going through the same thing in my first semester at Pitt, so I'll give you a run down of the next few semesters which will make the future look much better:
Fall 1st year - Hardest semester at Pitt (so far)
Spring 1st year - The classes are more difficult (Physio and Anatomy), but you only realistically have 2 hard classes at a time (Physio + 3 Anatomy classes spread out through the semester), so it's much easier to focus on them, this making the semester easier.
Summer 1st year - MUCH easier, we were done at like noon most days, classes are actually getting interesting.
Fall 2nd Year - We really only have 2 lecture classes, everything else is lab work, so it's time consuming, but not particularly hard (well, we'll see how this Pharm test goes t/m). This is one of the best semesters yet.