regarding w8 form, just fill it up and send it to bank, not a big deal. It's a requirement for banks to be filled up by foreign nationals. 

Find out how long u been out of status? If your shool doesnot report to SEViS that you are taking minimum credits courses, you will be considered out of status.  You may have been out of status from the time you left the school and not from the time ur I20 is expired. If it is no more than 5 months, it may not be so difficult to reinstate. Get I20 from different college and apply for reinstatement. You should have plausible reason for being out of status. 

If you have been out of status for more than 5 months, it is still possible to get reinstated but it will be very hard. You should have a very good and strong reason and supporting documents stating you were not able to apply for reinstatement within 5 months of period. 
Anyways, the only way to apply for reinstatement is to apply for a college, get i20 and apply for reinstatement. Whether u get approved or not, it depends. Gud luck..