You can't declare it pass/fail. It's counting towards something you're required to take I'm guessing so that isn't an option.
I'd say don't drop it unless you have to, especially as a freshman. It should be a last resort, and if you're struggling with religion 205, you may want those in the future. Put in an honest effort until October 28th, and if you're still in an area where you think you're going to fail or get a D, drop it. If you can still get a C with some effort, just take the C. Get as many credits knocked out as an underclassman as possible because the workload in most degrees gets crappier as you get older.
Is there a drop limit?
I've never dropped a course, so I honestly don't know. I may be too stubborn.
Also, if you end up staying with it and aren't satisfied with your grade at the end, you can re-take the class and your first grade will be replaced with the 2nd. I did this once.
5 total without getting a Dean involved.
Sounds like a good plan.
I'd go ahead and stay in the course, at least for a couple weeks.
erik what class(es) do you teach
If you are thinking about retaking it, I don't believe they replace the first grade with the second anymore. I think now they AVERAGE the first and second grades. If you get a C, then you might have to earn an A the second time to get a B on your records. Is it worth the extra work to you? I believe this change was made my sophomore year (spring 2001???), right after I had retaken Calc 3. Make sure to find out how it works when you talk to your advisor.