Last year when I was studying in Melbourne, I would spend the night before playing Starcraft and 3-4 hours before exam, I would cram the shit out of it.
I do not recommend this...
"If you fail to prepare, you're preparing to fail"
-my creepy year 10 math teacher.
Also famous for such quotes as
"If I told you that you have a beautiful body, would you hold it against me?"
creepy...
Over prepare. Learn it so thoroughly that you can vomit it up even when you freeze up.
When in an exam and you find a question you don't know (skip it and do the others, but when you come back to it) think about what you DO know. Your mind works like a network of nodes. If you can remember the "first principle" you should be able to work your way towards the correct answer. (unless you never learnt it :P)
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