It's funny you should ask because I'm actually an American computer engineering student as well. On the side though I've just finished my Spanish minor, and while I haven't used it much in my engineering classes, it has been a much needed break from the hard-core "left-brained-ness" of engineering. It's coming in handy -- I'm working on getting an internship in Mexico next summer.
More importantly though, it's helped me to learn to COMMUNICATE, which is something engineers are stereotypically bad at. Moreover, I've taken classes and labs where I was the only person who could understand the instructor -- not because I spoke their language, but because I knew what it was like to be on the wrong side of a language barrier. I've never had a problem understanding a person with some understanding of English, whether they be Chinese, Indian, German, or Egyptian. For that, and that alone, my 3 years in High School and 2 in college have paid off.