... is definitely an Oxbridge tradition. It used to be a highlight in my undergraduate days (which does seem a very long time ago)! Your life had a structure then - just play in the Michaelmas term ~ lots of cakes, long lunches, formal halls, random society bubble. Lent term usually involved a substantial amount of panic, while the Easter term was basically spent at the library all days long, but with May week to look forwards to ~ strawberries, punting, staying up all nights watching meaningless DVDs, more teas and cakes ... then it is off to a long long summer somewhere hot ...
Now, it is work all year round, with different hours every week ... you just keep on ploughing on and before you know it, another year has gone by ...
... am having one of my nostalgia days :) - well, at least I can put the kettle on and have teas ...