Hmm, considering I've stayed FAR FAR away from academic probation, I'm not 100 percent sure, but I guess it depends on the policy for the school and how bad the GPA is. You should go to Academic Affairs or refer to your catalog for more info.
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One degree down, two to go!
Depends on the school and the degree program you are in. Some colleges are much more forgiving than others.
In your freshman year, there's some degree of understanding that you are in your transition to college life, and that because it is your first year haven't had much of a chance yet to demonstrate your potential. Having a couple of tough classes freshman year can destroy your GPA because you don't have a lot of credits accumulated to balance it out.
In all likelihood, you would be placed on academic probation which would restrict the number of extracurricular activities you can participate in, and possibly the number of course credits you can take next semester. Some schools also require mandatory counseling.
If this is the case, I would, however, talk to an academic advisor to find out what the policies are, and give you some assistance in pulling your grades up next semester. Holla!