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I know this has been discussed a little bit. People seem to say that if you fail a class you are likely screwed after your summer, but that class rank falling doesn't matter as long as the firm likes you and your work over the summer. Is that correct?

I am just a little nervous because I am going to a V50 this summer that usually takes some people from my non-t14 school, but they're almost all order of the coif types and I am definitely not. This past semester I didn't screw up too badly, but am worried about GPA dropping a bit along with my class rank. Basically I just want to make sure that as long I don't royally mess up I am most likely ok. Thanks

Generally yes, but nobody can predict the future. Neurotically obsessing over things is far more likely than a grade drop to result in a no offer. Just keep putting effort in and, assuming the firm has a high offer rate, the odds are that an offer is yours to lose.