As a manager, one thing I see from a lot of people in IT is the preverbal "Grass is greener on the other side" syndrome. It’s easy to fall victim to that regardless of what point you are at in your career. This can become a problem because you will start to look more outside your organization and completely miss opportunities along the way. Take a good objective look at where you are, the experience you have, and what you can do where you are right now to further your career goals. You might surprise yourself and find the opportunity at work to do something really unique and great where you are. If there is truly nothing you can do at your job, you can always work on side projects on your own and use that to build your resume. The best programmers I know do lots of their own little projects outside work.
Another thing, make sure you HAVE goals. Without them you are just shooting in the dark. Even if its something as simple as "I want to make more money" you will get a lot further if you give yourself direction.
An example of someone I have mentored:
An associate of mine was a network administrator out of college and was hot to get into programming. The place he worked had several full time programmers that he convinced to give him access to an MSDN subscription. Using this, he spent a good deal of time on his own working on programming projects for himself, family, and friends. After about two years of doing this on and off (with no formal programming experience) he presented some of his better work to his bosses. Shortly after, he was taken off administration tasks and given his own programming project.
The best advice I can give to you starting out is that many employers are looking for 5+ years of experience in most fields, any less and you are often left behind in the application process unless you have some really stellar project work underneath your belt. There are exceptions though...
Our IT department employs people from all sorts of educational backgrounds, from doctorate holders to high school dropouts (one of our best developers no less) so it really comes down to corporate culture and standards. Smaller houses tend to be a lot more forgiving in this regard and bigger corporations can be downright Nazis about it.
My advice for getting past a lot of it is something every person needs to work on: NETWORKING (not the computer kind). The best jobs I have gotten (including where I am now) were never jobs that were offered on Monster.com or CarreerBuilder. I built my professional relationships up to the point where people knew who I was and what I do. Before that my favorite job hunting tactic was to find a posting I liked on a major job site like Monster. I knew how many people applied for even a single job on that site and how easy to get lost in the shuffle. I would get all the details I could about the company and "socially engineer" my way around (via email and by phone) until I got in touch with either the hiring manager or the manager in charge of the department hiring for the job. If you can accomplish that and get your resume in the hands of that person, you have likely bought yourself at least an interview.
The economy may be in the drink right now but there is always an opportunity out there for someone willing to work for it.
To sum this up: Only you can determine whether its best for you to stay where you are right now. Speaking from experience, I would be very careful about leaving your current job without:
a.) Having another job lined up
b.) Knowing what your overall career goals are
My personal line is this: I could care less what your education is as long as you can communicate with well with customers, work as part of a team, and have the skills to get the job done. Bigger companies have mandated educational standards that they have to follow but for most of us looking for employees, that is all that matters.