I am so happy I am not the only college-aged Dawson fan! Heh heh! Well, to sum it up...
Joey went with Jack to his fraternity formal, and the rule given to all the guys was that there goal was to get laid. Go figure, a TV show making Greeks look bad! Anyway, one of Jack's brothers didn't have a date, so Jack said that he had the perfect girl for him, and she was easy...Joey's roommate. Yaddahyaddah, Joey overhears Jack telling the guy that at the formal, she gets mad, Jack feels bad, apologizes, and that part of the show is done.
Pacey and that girl from his work (I forget her name right now) sleep together and they both try to quit their job. I didn't really focus on that part much because....Dawson and Jen do sleep together!!!
It starts with Jen finding out that, with the whole Charlie/her/other girl thing, she was the "fling" and the other girl was the "girlfriend." She gets depressed and Dawson consoles her. Then Dawson finds out that he won this film award and so he takes Jen with him, which shocks Joey when she finds out. Anyway, they pretend they are a couple, get this bitchin' hotel suite, and go to the awards thing. After that, they go back to the hotel and start talking, and eventaully start talking about why they never made it as a couple. Then out of the blue Jen kisses Dawson, and then, well...

bowchicawowwow! The next day, Jen feels all akward b/c they've become so close, she doesn't want any of that to change. Dawson assurres her that nothing is going to change and the show ends with them holding hands. I think we may have a new couple in the works!!!
Hope that helped!