I was on academic probation once in college, from doing way too many things at once I let my studies fall behind, I had to suck it up, drop off the extra curriculars and focus on studying, which meant learning how to study in college, becuase its definitely different than studying in high school.
Where you fucked up was you just focused on that one class you failed before and not your whole courseload.
If you can safely drop the course you're going to fail, do so. If you cant, you better be the fuckin ball, cause you're screwed if you dont pull it off