Did it all last semester. I had Monday, Wednesday and Fridays off, along with the weekends, so I ended up staying up all night routinely. Usually that meant on the nights between Monday and Tuesday and the one between Wednesday and Thursday, but it also often included Thursday-Friday and Friday-Saturday as well, since those tended to be the party nights. I'd say many in more than half the weeks last semester I pulled at least two all-nighters, and I don't think there was a week where I didn't do at least one.
By the end of the semester my sleeping schedule was completely and totally fucked up, but I had some pretty fun times. Got to do a whole lot of shit I wouldn't have been able to otherwise, and ended up getting a surprising amount done. I can't say my grades were better for it, but whatever. I passed all my classes, and that's good enough for me. Lots of damned good stories to go around too.
This semester I've done two or three so far that aren't on weekends, but I tend to have a much more regular schedule now that my days are pretty standard.