I'll be graduating in December, meaning I'll have my degree and all, and despite spending the last 4.5 years working in the "IT Industry" (support, web dev, quality assurance) I'm still finding it very difficult to find a job.
But, given the sheer number of positions that require a degree to even be considered, I'd say you're penalizing yourself before hand.
Best bet - internships and on the job learning. I have had very few classes which directly will apply to the job area I've chosen (sys admin ideally). Its been the on the job experience that has landed me the interviews thus far, but that only gets me so far, and only if I get my foot in the door first - which is what I'm now coming to realize is what a degree is for.