If you're on your college network, it's probably a firewall. It seems strange that you can connect, but then are timing out - shows that the port is not closed/blocking traffic.
Basically, you're being disconnected because your machine isn't getting a response back to the server ping, so the server thinks you aren't there anymore and disconnects you. It's not really that relevant, but can you telnet into the server?
Can other people on the same connection connect? If they can, you're looking at a software issue. Try disabling software firewalls/antivirii and trying again.
You could also try connecting through SSL. mIRC is kind of tricky to get SSL going on sometimes, but it uses a different port range. X-Chat works very well with SSL. I forget what the SSL port is for Aexoden's server, but I think it ends with 7. Ask him or Clout if you want to know it, I guess.
EDIT: Maybe the SSL port ends in a 3.