It is definitely possible.
I was a 4:28/9:29 guy in high school, went to college and had a phenomenal time. I went out at least 2-3 times a week and drank most nights of the week my senior year. I had a very typical college life from the partying perspective and met some great people outside the team that I'm still friends with today. On the track I broke 15 in the 5k and 31 in the 10k and helped out our team in both cross country and track. I was a 3.3 student in classroom as well. Maybe I didn't fully maximize my running potential, but I came close enough without having it interfere with other aspects of my college experience