Okay... I'm going to give you some advice from the other side of the fence here (Did I hear a metaphor there? Gotta keep it running!).
Mkay, so she says she likes your friend, but hangs out with you a lot. Several possibilities, perhaps all occurring at the same time.
1) She likes you as a friend. There is nothing wrong with this. She enjoys your company, but she may not be as romantically inclined.
2) She's completely and utterly confused. No doubt many of us are when it comes to trials of the heart. She likes your friend, but she knows its unrequited. She also may like you a bit, but not as much as she likes him. It's perfectly normal to be interested in more than one person at a time, because different people have different endearing qualities.
3) Once again, she's confused, but she's not sure how she feels towards you.
I personally don't think she's intentionally 'fucking' with you, however I have a somewhat optimistic view of people in general. Liking someone, especially during high school can be a completely and utterly confusing trial.
I don't think you should cut off all communication with her, nor attempt the advice that would hurt her. You obviously care for her, and although the feelings aren't mutual, it's obvious she values you as a friend if she wants to spend time with you. I would say put a halt on any romantic endeavors, but if she makes a move and you feel comfortable with it, well... go with your gut instincts. I pay no promises here, but feelings can change over time, and there is a slim chance that after getting over your friend, she'll develop interests in you. You also will probably stop feeling 'romantically' (for want of a better word) towards her if it never ends up being reciprocal. And you might come away best friends for it. You may also drift away, but that's a possibility with all your friends.
Don't go out of your way to plan when you'll find love. It's unpredictable and you'll probably find it when you least expect it. However, I will agree that by placing her on a 'pedestal' probably won't gain you attraction points, because you need to put yourself on an equal footing. Trust me, it's entertaining for a little while when a guy things the world revolves around you, but after a while its like a puppy... cute, but you feel you cant seriously communicate with them because they're in a constant state of awe.
Anywho, I hope I helped a bit. Goodluck!