Do you really want to spend more time on other things? If so, then consider cutting back before selling off your stuff.
Personally, I consider myself a bit of a gamer, but I can still balance work, school, and managing my home and marriage. However, I don't game hard all the time--I usually take it by mood. I'll go through periods where I'll be glued to the PS2 (all my favs are put out by Atlus) for 6-8 hours a day for a couple months, and then I'll ignore it for a few months. The hubby's the same way, and it works pretty well.