http://www.dol.gov/compliance/topics/wages-overtime-pay.htm
Overtime doesn't apply to a number of class of workers (including executive, administration, professional, outside sales, and computer related workers).
And I believe you could read "professional" as "anyone with a college degree working a white-collar job".
Having said that, you're essentially correct...
Details are in a page linked from the parent (see Learned Professional Exemption):
http://www.dol.gov/whd/regs/compliance/fairpay/fs17d_profess...
At least, that's what I got out of the page.
> There is no limit on the number of hours employees 16 years or older may work in any workweek.
So, disregarding overtime, yes: you could technically work 168 hours a week with no legal ramifications.