If completely released from the constraints of school...
...I probably would turn into a fat lazy slob on the couch. You know the kind that sit on their cat and have no idea where it went, or that have the remote stuck inside one of their giant flabs of fat. I would probably get like this because I am already lazy enough as it is. I barely do my homework on time and my study habits are no better than the person that drinks and parties all the time! Granted I dont do that, but sometimes I do feel like just saying "screw this, lets go out!"
Alright just kidding. I guess I would do many different things! Granted I probably would probably SLEEP MORE than I do right now! Namely because I get so damn tired throughout the day. I only get this way because I commute a good HOUR AND A HALF, I work close to 30 hours a week and I barely have time to sleep with all the homework that keeps piling up! At times it can be very stressful... but I just keep on going. But I would probably do many different things day to day. I love playing tennis, so I would probably spend more time getting better at that and becoming that star athlete! Then I could use both my fame and fortune to help out those less fortunate. STAR ATHLETE HERE I COME!
Another thing would be model building. I love to build models of ships, cars, etc.
Drawing would also be another one. I love to draw and used to do it all the time! I guess I just dont have the time to do as much of it as I would like to.
I would also work on my music and dvd collection. I am a huge movie person who currently owns at least 20 TV series and over 100 movies, and thats just dvds!
Oh and my job would be to eliminate everything wrong in this world from war and disease to poverty and hunger. Dont ask how, that is my secret. Lets just say I would get it all taken care of and solved by 2035.