OP here again:
First of all, I want to thank all of you for your advice and suggestions.
I wrote my initial post in anger (and I'm still angry), but there's a couple of things I didn't mention in that post. First of all, even though DS just graduated high school in the Spring, he just turned 20 years old. So, he's not your typical 17 or 18 year old college freshman. His birthday barely missed the deadline for our school district, so he didn't start Kindergarten until he was almost 6. He had major problems in 1st grade with reading, and I asked (no, actually begged) for him to be held back a year so he could catch up. (BTW, the reading skills are excellent now, thanks to the Hooked on Phonics program we used while he was repeating the 1st grade.)
He was also diagnosed with Asperger's when he was in 7th grade. So, he's definitely not a "social butterfly" at all. Basically, he goes to school and work, comes home, and probably spends too much time playing video games. He doesn't spend any time with the friends he had in high school, doesn't go out partying, etc. He actually only missed 1 day of classes this semester, due to a family emergency. So, he's definitely going to class...just not applying himself outside of the classroom. He had a couple of IQ tests during junior high and high school, and his intelligence is completely normal. So, there's no reason he can't succeed if he
WANTS to.
During high school, he had no clue as to what he wanted to do afterwards. He said he wanted to go to college, but didn't know what he was interested in. He decided that he wanted to do the Radiology Tech program at the local CC, which I thought was a great idea, given his personality traits. He hasn't been formally accepted into the program yet, and given his major screw up this semester, will be very fortunate to be.
After he got home today, we set down and had a talk. He admitted that he had been lazy and didn't study enough, and that it was totally different from high school. (Duh!) He basically coasted his way through high school, and still graduated with a B average...although he took very few challenging courses other than some advanced history/social studies courses.
I have to admit...I can relate to what he's going through. I went away to college after high school, on a full ride. I was also used to coasting my way through high school, and not having to study. I went away to college, and fell flat on my face and had a 1.8 GPA for the 1st semester. In my case, I spent too much time partying, skipped too many classes, and spent too much time with my boyfriend. Oh yeah...and I got pregnant with my son near the end of the semester.

Anyway, I left college, had him, and spent a couple of years in the real world working full time, raising a kid without his father being in the picture, and paying my bills. When I had the opportunity to go back to college, I managed to stay on the Dean's List that time around while taking 18-20 credits per semester. So, I had a complete attitude adjustment.
Given that I went through a very similar thing my 1st semester of college, I think I need to give him a second chance. He's retaking the English and Math courses next semester, and I made it clear to him that he is responsible for paying me the tuition money back. (It had to be paid last week in order to reserve his schedule for next semester.) I think it's probably best if I work out a payment plan in writing, so he knows I'm serious about it. He's also taking 2 other classes, for a total of 12 credit hours.
I told him that this next semester is his last chance. I'm not paying for any tuition beyond that, if he doesn't get his act together. I also told him that he would be responsible for paying room and board after this semester, unless he's doing satisfactory in school.
A lot of you mentioned the military. Honestly, I think that's a good option for a lot of young men (and women)...but not necessarily for my son, due to his Asperger's Syndrome. Really, I don't even know if he would qualify for any branch of the military, given the fact that he had mental health counseling for Asperger's.
We'll see what happens this next semester. I hope and pray that he has an attitude adjustment, and turns himself around.