The past few years I've had emotional strains as well as many other various issues and reasons, so I was wondering if it would be possible to drop out of high school and audition for a performing arts college or conservatorium ( e.g.. Drama or music,dance). If they believed I was good enough could they still let me in without the specified qualifications? Please let me know. Thanks

Where do you live? I ask this as I'm British and maybe things are a bit different if you are not from here and if I answered your question, my help might not be appropriate.

Australia, but I was hoping to go to one overseas

RADA BA degree in acting course ? Auditions and admissions for drama training place at RADA

This is a link for RADA which is one of the best performance schools in the world. I think, generally, most performing arts colleges judge on your ability as there are no academic requirements for being a good performer. Try and just look up the places you are thinking of going to and check what their requirements, there's a good chance that you could be able to do that.

Just thought I'd add that I'd advise staying in school and get some other qualifications, in case the performing arts things doesn't come through you would have something to fall back on. You could just stick out high school and then after that try and find a performing arts place. Also they might have age restrictions so you may not be able to apply till you are 18, but just do a check of entry requirements of places you'd consider going to.