What a dumb question -- what makes the two mutually exclusive? I've been programming since I was 9. Here's the paper from the research I worked on my freshman year, which wouldn't have been possible if I hadn't gone to college. http://v3vee.org/papers/ipdps10.pdf
In my opinion, getting your degree and teaching yourself or launching a product show two different types of initiative. If you've done both, you should get double points.