Haha, English students are the biggest slackers! (at most universities). People will hate you during the first year as you'll have very little work.
The thing about Exeter is though it doesn't have any huge superclubs (its a mix of cheesy clubs and small indie/rock venues), there are very active student organisations on campus that cater for lots of different things. If you like Rock or Indie music, there's catfish and rocksoc respectively, which run regular nights out, as well as campus bands if you want to form your own; there's various religious societies that run retreats and church events/lunches/film nights (if you're into that); there's film screenings, souk nights, theatre trips, balls, hikes, concerts, debates, netgamer parties (?!), art classes, etc etc. Not to mention the sports scene (Exeter is in the top 10 in the BUSA league).
There's a club night every day of the week, which people seem to enjoy though it can by no means rival big cities. The university also holds regular gigs with decent names playing. There are also loads of pubs and bars, some quiet, some not. The quay and cathedral area has some great pubs. I like the Double Locks (a bit further away) and The Mill on the Exe, both great for sitting outside and having a few drinks in the summer. Also, ye olde style Ship Inn and The Well House are good, and are reasonably quiet much of the time.