Now that that's out of the way...
This career is ALL about research, practice, and continuous education. Don't fool yourself into believing you can get by off of pure talent, because you can't. Talent certainly helps, but look at most of the big stars- Helen Mirren, Ian McKellen, Hugh Jackman, Philip Seymour Hoffman - they're all extremely talented, but more importantly extremely educated; and not just in film acting. I had the great fortune of seeing Helen Mirren live at the Shakespeare Theatre in Washington, DC and she simply blew me away. A lot of Hollywood's greatest actors are also classically and musically trained and do quite a bit of theatre. For example: Hugh Jackman started off as a Broadway star. Don't limit yourself by thinking you need to pound away at learning how to act for film in order to become successful. Knowing all kinds of theatre just gives you so much more to work from, and the characters you play and performances you deliver will show it.
So let's look at the education part: IT'S REALLY IMPORTANT! Graduating from high school and moving to LA to try to be discovered is more than likely going to be a complete waste of time. Not only will you be competing against actors who are older and more "worldly / experienced", but they will also be significantly more trained and thoroughly practiced. You stand as much of a chance of being discovered as someone does of winning the lottery (unless your talented and have some REALLY good connections, then you're one lucky stiff).
So what's that leave you with? College, that's what. Now I bet you're asking "Well, why don't I just go do a 2-year intensive program in NY or LA?" and here's why: They're more than likely going to be a waste of both time and money. First of all, you have to dig through all the various programs and find the credible ones that aren't just out to steal your money. After that's done you have to audition (like most programs) and hope you get in. If you do get in, you then spend 1 year (or maybe even less) rigorously studying just acting. After that you get evaluated and the higher-ups decide whether or not you're worthy enough to continue; if you get cut you're shit out of luck and you just spent a few thousand dollars and came out with what? A years education in the basics of acting, and pretty much nothing else. Even if you don't get cut and you graduate with flying colors, what do you have to show for it? A lot of those programs aren't actually degree-certified programs, so you end up with a "certificate" (even MORE useless than a "degree" in acting, at least after having completed a 4 your institution you will get paid more at any job because of that degree. Present a certificate at a Best Buy and you'll get laughed at).
Now, don't take this the wrong way: I fully support these intensive programs, I think that the good ones are great, I'm just letting you know that there are a LOT of bad ones, and a LOT of reasons to do a 4-year institutional education instead / before. One thing you can do is get that college education and degree and THEN move on to an intensive program in NY or LA (while looking for work perhaps?). But there's another reason I support the 4-year track more...
Life experience. In the 2-year programs you are more or less drilled with work and constant criticism - not to mention you're surrounded by other actors (who can be a lot to deal with, I know, there's a reason why it's called "Drama"). Being in a 4-year institution gives you 4 YEARS of information to work from! I don't just mean the actor training, I mean real life experiences. The acting classes and such are just teaching you the method to access and deliver all the things you've already experienced to a certain degree. How can you play someone who's heart is broken if you've never been heartbroken yourself? How can you pretend to be an engineer if you've never even met one? The college life is a gigantic library for an actor. All the things you experience in your four years of college will only enhance your performances and give you more of a selection to work from.
So that's my little speech on that, I'm sure I left some stuff out, and probably added too much of some things. So, to sum up: Be careful of the 2-year intensive programs, be SURE it's good and what you want, and just remember all of the other types of information and education you get from a four year college education (not to mention a fancy degree and shit-loads of friends)!