First off, you have to really perform poorly to actually fail. If you're talking about C's then alright, but I highly doubt you're doing that bad. If you really want to leave, I would wait a year or two before reapplying. Should you leave now, work the rest of this school year, and then next, and apply for the 2007-2008 cycle.
If the school is really so highly ranked, consider transferring down. Maybe they'll look a little more favorably on a less-than-stellar performance.
Have you alrady taken finals, are they coming up or do you take them in January?