Based on what USAT has told us, it's hard to say whether s/he is getting a decent deal or not. While we don't have an exact salary figure ("less than $30,000"

, I will assume that since people tend to go in increments of $5,000 when giving approximate salaries that s/he is making somewhere between $25K and $30K. With LESS than two year's experience, this is probably about what is to be expected. I believe this is the phase we normally label "paying your dues".
Also, the statement "I do not get paid any extra for time spent over 40 hours a week." doesn't strike me as too draconian - YOU'RE ON A SALARY! That's the other side of salaries - you don't get paid less if you miss some time here and there - but you also don't get paid more for extra time here and there. If they mentioned the 24/7 aspect of the job, or even indicated that you might have to spend time outside of "normal" work hours and you accepted the position, you're just going to have to suck it up and learn from the experience.
Don't fall prey to the Tech Institute commercials and news stories about all of the people making $100K+ in the tech industry straight out of college. If it was commonplace, it wouldn't be in the news!
Unless you are under contract, you can always look for a new position. When you are getting ready to accept an offer, you might want to give your employer the opportunity to make a counteroffer - it might get you what you want without giving up seniority, benefits earned via longevity (vesting in 401(k), vacation, etc).
Finally, learn from your experience - you have the most leverage for getting what you want BEFORE you accept the job. After that, about all you have is the threat to leave - which, given the current level of layoffs in our industry, might not be much of a threat!