Are you nursing at all? If not, you still could. There are meds you could take to get your milk to come in again with stimulation if it's currently dried up. Breastmilk might help a LOT if he's not tolerating formula. I'm not one of those ladies who is a fascist about breastfeeding, but it's free and your own milk evolves to protect your baby in so many ways. So if you're not totally against it, you may want to talk to your doc about reglan or domperidone.
Your baby may be eating too much because formula comes out very fast if he's a good latcher/sucker (check the nipple you have, it may not be for newborns, which means it could be an even faster flow) or yes, some babies cannot burp or throw up (in fact, it's pretty rare, but there are some grown ups with this, and they can get really uncomfortable.)
Simethicone is a drug that breaks down gas, which could help if that's actually the problem, and if your baby can burp, Gripe Water is magical. The reglan I mentioned above is also given to babies in NICU to empty their stomachs faster, so maybe your baby's peristalsis is slow and his stomach is staying fuller longer.
Also, have you had a second opinion? In my experience, sometimes that helps to quash worries, and if the second pediatrician notices something the first might have missed, you'll feel better knowing and just talking to another expert about your baby's pain.
I don't recall my infant having colic, but I do remember a couple of nights where she was wide awake, and one night where she was crying and miserable (gripe water did the trick.) Turns out, I had no idea how lucky we were. I read stories like yours, and my heart just goes out. Hope you and your baby find the comfort you deserve soon!! Hugs, a