Julie,
He really does sound like my son. We took away the cell phone, Xbox, laptop, iPod, all TV privileges unless he's watching something with us, time with friends, even his stereo.....all he can do is read and nothing phased him. He acted as if it wasn't a big deal to lose everything. His weekly report comes out on Tuesday and even though he knew we'd be checking it weekly, as well as being in e-mail communication with his teachers, it still didn't change the behavior. He's also a very bright, respectful, helpful, happy, popular kid who plays football, rugby, and used to make straight A's ~ but is now getting mostly C's with one or two grades bordering on D's. The questionnaire we/his teachers filled out touched on Inattentive ADD, ADHD, Oppositional Defiant Disorder and Anxiety/Depression. He got a "0" in ADHD and ODD but definitely tested positive for Inattentive and Anxiety/Depression.
I really encourage you to read the following link:
http://www.addvance.com/help/parents/gifted_child.html
Thank you, he does fit pretty much every description of this. I'm not sure whether to ask his Dr. or the school, guess I'll check with both. Please let me know how it works out with your son, it's heartbreaking to see them not reach their potential.