So I need advice. Here is the gist of the situation.

I met this girl around 6 months ago. She had just broken up with her boyfriend around a month before we meet and obviously we never talked about him so I did not know one thing about their previous relationship. Well I liked her from the first time we met, but the topic never came up till around a month later. She was actually the one to bring it up (that she liked me).

Well we started to get something going. However, I was going back away to college and never truly let us get involved because I was afraid the long distance relationship would not work out. Needless to say we never became exclusive.

Now I am away at college. I really like this girl and I know she really likes me.

Now here is the complication. She was (apparently) in love with her last boyfriend (the feeling is definitely not mutual and he is VERY manipulative and she is easily taken advantage of = bad combination). He broke up with her and, from what I hear, she was devastated afterward. Well... he's back in the picture. They talked and she wants him back even after all he put her through.

I feel like I have completely lost my chance with her.

So here's the advice I need:
Should I tell her how I feel?
Should I even bother?

(there is obviously more to this situation but I don't want to write a 3 page paper [even though I could probably write 100 pages])