Academic Probation is assigned to students who have a GPA below 2.0 for the semester, or to students who fail to make adequate progress toward graduation. The definition of 'adequate progress' is sufficiently elastic to include failing or getting a D in any class. In any case, the Committee on Instruction has the final say about the definition and rules.
When you are placed on Academic Probation, you must meet with your Class Dean and explain why you messed up and how you plan not to mess up in the future. Your dean sends you a letter in your Lerner Hall mailbox, and sends another copy to your parents. Yes, they do that. Students may not go abroad while they are on probation.
You will be removed from probation if you make satisfactory progress in fixing whatever you did wrong. Your dean will send you a nice letter congratulating you on your improvement, and encouraging you to visit.
If you keep screwing up the next semester, then you'll meet with your dean again and they'll likely do something awful to you, which may include asking you to take a leave of absence.