The summer following my sophomore year I spent in Ann Arbor, MI (I attended college in Columbus, OH) with some friends. I had a blast & made some great new friends. One of those friends quickly evolved into a boyfriend towards the end of summer. It's about a 3 hour drive, so I couldn't see him every weekend. Plus I had to work, and he had to work, so we saw each other about every 4-5 weeks. We talked on the phone maybe twice a week.
I became way more involved in Phi Beta that year and my time commitments between school, Phi Beta & work were pretty restrictive. Not to mention the bands & ensembles I played in at school. We still made it work. He had been thinking of moving before we met anyway, so at the end of my junior year he moved to Columbus. We're still together nearly 6 years later.
It can definately work. But you both have to realize that the other one will have a life and commitments and that it's healthy.