Blues got it - you HAVE to do English, Lit or Eng Lang to pass year 12. So if you want to drop English and aren't doing literature or English language, your school DEFINITELY won't let you do it, because VCAA's not going to like it.
Alex - I really don't think you want to do that, as much as you hate the subject. Try sticking with it, see how you go. Otherwise, you're going to lose a year, and if you can still do well in English, that's one less year you have to wait before you get into your course. Also, I hate to tell you this - if you don't like English, I doubt you'll do all that much better in lit. If you find out you don't like lit, you're even more screwed than you probably feel like you are right now.