Before receiving the exam: Complacency - I don't need to outline and cram as much because I will have soooo much extra time to organize and review the material most pertinent to the issues posed on the exam itself.
Receiving the exam: Skipping a beat - You get that gut reaction of nerves, and the reality sets in that the clock has just begun.
The first read: Holy $@*t! - I don't know any of that material, I better starting learning this subject (of course now that the semester is over).
Several hours later: Realization - oh no, I'm not going to be able to learn all of this, I better start typing some of the stuff I know.
Several more hours go by: Panic - I have used the alloted amount of time suggested for the entire exam on the first half of the first question. The typing quickens
The next day: Comparison - How many hours is everybody else dedicating to this? Maybe I should have woken up earlier?
The final push: I don't care any more. I just want to finish it, because this is not my only exam, in fact its only worth 2 stinking credits!