For the AP Comp. Sci. exam, we have to read 150 pages on this stupid program, and my teacher is wanting us to read the teacher's manual of it on the side..Which is another 130 pages...Now, I have heard that the questions on that case study makes up less than five percent of the test??? What is up with that?

I think it's more than five percent. It's something like 5 multiple choice questions and 1 free response which adds up to a pretty penny :)

If you don't want to read it, then don't. AP Exams are like college exams, they try to cover a little of everything so if you don't know one thing, you will not be SERIOUSLY hurt, just lightly skinned.