My Dad has worked as IT for most of his adult life and he has no college degree, just pure unbridled experience, and it's gotten him far.
However, he and I would advise getting a degree in IT, as it not only makes you more attractive to businesses, but it also gives you more practical knowledge from the get go rather than having to learn things through manuals and help guides and the like in the field.
As for what my Dad had to do, he managed networks for a small business and their servers, and regularly had to rebuild employee computers. A lot of the time, he would take his work home with him in order to get the job done, and he spent a lot of hours working overtime in order to finish the task at hand.