As far as degree vs experience. BOTH IS BEST.... Experience is hands down a necessity in the web development field. I have seen plenty of people go to school for 4 years graduate at the top of their class just to find themselves staying at their pre-degree jobs because they are all knowledge and no application.
I personally know a few freelancers that started in their basements without a degree, 2 of them do it as a full time job now, 1 of which actually has a crew working under him. Another one still does it from his basement and will never get anywhere with his due to his lack of people skills and quality of work.
Anyone can piece together templates, customize scripts etc. You need to be good, very good with or without a degree to make top dollar in the industry. You need to master a few language and be versatile enough to work with any language. You also need to stay on the top of the technology that is out there. It is so easy to just keep working with what you know. Alot of programming work is going overseas now due to the cheaper cost so keep everythign in mind when choosing what you want to get a degree in.
If it was me I would consider getting a double major in say business management or marketing and then the second in programming. Also I think a two year degree wouldn't scratch the surface of becoming a true professional due to the fact you will be starting with alot of people who know nothing about coding.
I wanted to do Network Administration for a career, I got my Associates degree in Network Administration and my Bachelors in Business Administration which down the road will allow me to get out the computer industry if it continues bloating like it is.
Either way stick your nose in a books/web sites/tutorials and learn and then put it into practical use. If you are just looking to develop a portfolio I see people on NamePros offer cheap designs for fellow NamePro Members.
Another avenue I took when I first started with simple web design work is the following.
I got a reseller web hosting account at like HostMonster which allowed me to host unlimited domains. The account cost $60 a year.
I then went to local small businesses, local churches, and other organizations and offered them free websites upfront with a $20/month fee which included hosting, the domain name renewal fees and then 30 minutes of my time every month for small changes. It worked well.
Hope this gave you some ideas/insight.