I think it will be pretty difficult to place out of Spanish altogether, but you may be able to get into Spanish III. Me and a couple of friends took the spanish placement test last year during the first weeks of school, after 6 years of spanish in middle school and high school and only placed into the third semester. However, one of my friends was able to get out of it because he placed into the third semester on this test and received a 4 on one of the AP Spanish tests.
I do remember the test as being kind of difficult.
Good luck with your studying and taking the test.