I've never had another company turn me down, even if they specifically "required" bachelors in CS, etc... in the job posting. And I'm not talking about "fly-by-night operations". Large companies, Fortune 500s, traditional non-tech focused companies, etc...
Assuming that you aren't on a 100% scholarship, someone (your parents or you by working part time) is paying for your rent and food. I think most places (Google aside) would hire someone with 1 year of contributing to a relevant open source project, or a couple small web applications launched, over someone with 4 years of learning the technology from 2-5 years ago. Experience DOING relevant work always trumps a college degree, especially in the tech field.
If you want to get a degree, that's great. I won't look down on you or even think for a second that you're wasting your time. But it's certainly not the only or even the best path.