Thanks all for your responses. Sorry for late reply, my internet was gone. I have decided to go with the Engineering. I was a bit depressed yesterday and did not write the post in a manner i should have.
The reason I was thinking of quitting was ke iss mian dil nahi lagta. I take online courses on the same subjects taught in the class and enjoy them a lot . They just don't resonate with the class courses and therefore, in spite of knowing better than other people, I cannot solve the specific problems given in the class. For example I went for a the lab viva, I prepared some topics and I actually knew what was happening. When I went to the teacher, he asked me questions which by no means were checking my concepts. I once asked my teacher how does the capacitor cause the current to lead(probably some of the first things you read in circuits class is leading lagging currents and complex power.) and he didn't know. He just knew how to solve the the equations. Heck, I think he didn't even know what the complex power is in the layman terms. nor does anybody else for what it matters.
Online, its fun because I actually know what is going on. I don't have to cram anything but yesterday, as I was thinking of actually quittting the engineering and going into the market, I had nowhere to go. Partly because I do not know the market and partly because I cannot go to an emplooyer and say "I am the best X in the area." I am not an Electrical Engineer, I am not a software developer heck, I am not a proper web developer either. Then it hit me. No matter how lousy the Engineering is, it will create opportunities for me and go to stick with it and improve it as far as I can.
For the sysadmin stuff, I am good with computers. I spend a lot of time with them. Learning linux, different programming languages and am also part of a team which is creating a very beautiful download manager(better than idm, at least in looks and works on all platforms) so i have decided to give my days to the engineering and nights to the computing.
Thanks all, you guys are really great. now I know how important it is to have a degree.