This all really depends on your definition of "IT".
I've been working in the computer industry for 15+ years now, but the first few years were programming, not "IT".
"IT" is generally viewed, in many companies, as separate from Engineering, Development, or QA. (Although, especially in smaller companies, there can be a lot of overlap!)
I know how to program in a variety of languages, and was once a software programmer (wrote video games) and then a hardware programmer (wrote printer firmware). I then jumped ship to "IT".
Titles don't mean much - I started off as "Information Systems Coordinator" which was secret code for "does everything in IT". I was everything from a Solaris Administrator, managing users and permissions and installing software and services on Sparc systems... to a mail admin, handling our mail spool which at the time was CC:Mail.
I've done a lot since. I've been the only admin for a university lab, I've been the "senior programmer" (still just a network admin) for a supermarket chain. I've done consulting, contracting, and everything in between.
I'm currently "Senior Sysadmin" at a multinational company. I work on the Windows side of the house, but what I do goes WAY beyond just administration of Windows systems. I work on a team of around 10 admins, each with our own area of expertise.
Can you advance quickly? That really depends - are you GOOD at this? Can you communicate effectively? I saw another IT professional a few posts back. Do you notice the difference between how he and I communicate and write, and how many others do? That makes a BIG difference in this industry. If you want to break 6 figures you have to either be VERY lucky (in the right place at the right time knowing the right people) or you have to learn to communicate. Write, speak in front of people, etc.
Do you need a degree? Yes. NOT because they teach you anything important. I only have my undergrad degree in Comp. Sci. (although I take grad classes from time to time as my schedule permits), and many of my colleagues don't have degrees in IT or CS at all. But in college you'll take writing (preferably technical writing). You'll learn math. All of this is really important.
How do you proceed? You may want to start as an intern. Our company routinely employs college students as interns, on the IT Apps team (doing application support and implementation), the Desktop Support team (doing end-user support), and many other teams. Or you may want to simply get your degree and seek a position in helpdesk.
If you are lucky you can find a company who wants a junior admin, and go directly there. It's easier to move up from junior admin than from helpdesk - although you might LIKE helpdesk and want to make a career there.
But MOST important - you need talent. If you are the one everyone around you comes to when their computer is broken, this is the career for you. If you don't own a console you haven't taken apart (my PSX, PS2, Wii, etc. are all modded, even my XBox360 has a heat system installed)... ditto.
If you get into IT because "it's a good career", you won't go anywhere. This is a profession that rewards talent, hard work, and determination.