Egad! Don't say you hate physics! (Says the physics major) That's no good ... it's really a misunderstood science. Very kind in general.
Tips on studying for physics:
If you're falling asleep, is it because you're overtired? Sometimes a power nap (either 30 min or 3 hours - anything between those times generally makes me and my friends groggy) will work wonders, but you have to be sure you'll wake up at the appointed time. I suggest a combination of alarm clocks and loved ones - friends, family, roommates, etc.
If you're the type who can study listening to music, that might also keep you awake. Just blast something without words (or at least, without words that you understand) so that you don't get distracted by singing along (though I often break this rule in favor of U2 ... ah, Bono).
In terms of the actual studying: reading is great, understanding concepts is great, memorizing equations is great (assuming you're supposed to) - index cards will work wonders for the latter two, especially if you're studying with a friend. But the most important thing (for most physics tests, anyway) is to work problems. That's the only way you'll really understand how to do it, and it doesn't cut it to just read over the problems in the book. You have to do the problems yourself so that you'll know how to approach the problems on your test.
Old homework assignments are useful for this, if you've gotten them back - just get a fresh sheet of paper and try to do selected homework problems all over again. If you fail, you'll have a solution of your own to go over.