I want to go out less...

So, I'm trying to graduate as fast as possible so my plan is to buy a 360 in hopes of using it to occupy my time and keep me from going out on weeknights and therefore, allowing me to sleep without going to class stinking of whiskey and hookers.

Is this a sound plan or do you think I'll just go from one extreme to another?

its a decent plan with the exception of giving up whisky and hookers

Videogames are way harder to avoid when studying than going out. While you're studying your 360 will always be within 10 feet of you, almost taunting you to play. Sure enough you'll say... "ok, just one game". Then another, then another. Before you know it you'll have wasted 5 hours.

... well, that's how it goes for me anyway.

Ditto.