What is it like to study a degree in Philosophy? It really varies a lot depending on the class and the professor. In first and second year you do the readings and the prof talks a lot, because they're trying to introduce you to weighty topics that you haven't encountered before and it can be slow going. You learn through instruction, trial, and error how to write a proper philosophy paper and you probably learn the basics of formal logic.
In upper division courses the class size shrinks and there is a lot more discussion. Usually the prof does a bit of lecturing but most of the information you ingest comes from the assigned readings, and the prof just supplements in class, answers questions, or directs a discussion among the students.
Lots and lots of reading, lots of paper writing, and most classes will have a midterm or final exam as well. These can involve short answer questions or take the form of multiple in-class essays. Usually you get a lot of wiggle room on essay topics, and many professors will let you write your own topic if it is relevant and approved before submission.
In my experience, philosophy professors love what they do and it is not uncommon at all for the discussion to migrate from the classroom to the pub down the street. I learned more over pints of ale at the bar than I did in most of my lectures during second year.