I play WoW regularly, although not as seriously as a lot of the people on there.
I am also in a serious relationship with a total hottie, have lots of friends, go to grad school full-time, read for school and for fun, and work as a volunteer coach. I don't like first person shooters, so WoW is a way for me to "hang out" with my old friends who live far away. We'll run around and do a few quests while we talk about what's been happening in our lives. I am the only one still in school; the others are all gainfully employed with full-time jobs (real jobs, not stock boys or something). We are also all runners, and some of us are faster than average.
Noone in our group watches much t.v., and two of us don't even have one. WoW is what we do to relax and to keep in touch with each other. It may be more socially acceptable, but I find the people who sit around all night waiting for American Idol to be far higher in the loser category.