So if you whaled on a homework assignment, you worked hard on it, and succeeded. Passing and failing classes is a big topic of coversation, so there are a lot of options. To flunk a class or test means to fail it. To drop is short for drop the class - to resign from a course you are taking. This is very different from dropping out , which means leaving school without completing a degree.
Big time is another expression of intensity.
It's bad to to lose, but it's worse to lose big time . If you're hating life , then, obviously, things are going badly for you. The number of classes you are taking is called your course load , or courseload . If you have too much to do, and too little time, you are overloaded . For whatever reason, many people found this humorous, and the expression has become an ironic way of commenting on someone else's habit of complaining about their troubles.