been there, done that.
I went in for Mechanical Engineering back in the early 90's, found out that I hated SIU and the engineering and math department, flunked out and went to work in a factory. Wasted 11 years of my life there and my job went to Mexico. I used the TRA NAFTA money and went back to school (This time at EIU instead of SIU) and changed my major to Computer Information Systems and got my Bachelors in 2008. got a great job and never looked back.
I did already have an AS degree in Engineering before I bombed out tho, which helped immensely when I went back to get the CIS degree.
The one thing I will offer you advice wise, is do not quit school and go to work. I will agree with Ridgerunner, if you quit, you will not go back.
You have some decisions to make:
1. Do you want to continue in your degree? (if I remember right, you were going into ME or EE as well...)
A. If you do, you will have to retake some classes... ask yourself why you flunked it, was it because of a crappy teacher, crappy books? If you can do not retake it with that teacher. Get some texts that cover the material that do make sense, or hook up with a student in the class that knows his/her crap.
B. If it is because you were partying/ goofing off or too much time on TRS (yeah, it is a great time killer

) look at how you can change that, make an out of school schedule and limit yourself to leisure activities only after you have completed assignments/ and studies and understand them, or a 30 minute break to clear your head if needed.
C. Get involved in student organizations that are in your field of study. they can hook you up with tutors, get you connected with other students that may have taken the classes and can tell you which professors to avoid. (there is also a website called ratemyprofessor.com that can help you there too) Those student organizations will also connect you to recruiters for jobs when you get closer to your degree.
2. Do you want to continue at the current college/ university?
A. Seriously, if you hate the culture, the school and are miserable there, you are not going to succeed. Think about going to another school. let me tell you EIU was a world of difference from SIU, as well as the major being more suited to me.
3. financing. You do NOT want to finance your school if you can help it. seriously, work at McDonalds for the summer full time, and then go back to the school in the fall and see if you can get a part time job with the school. if jobs do not cover all expenses (and they probably won't) look into grants and scholarships. this may be difficult due to your GPA, but it is still worth the time. as a last resort, get student loans to cover what you cant cover by your own earnings/ grants/ scholarships/ family money. Pay the interest on the loans as you go through school... that will help immensely.
4. If you do decide to say the hell with college and go to work, I strongly urge you to take a trade class at a local community college. get a certificate in something you enjoy, it will take 2 to 4 semesters of your life, but you will reap benefits of actually getting a job that pays more than minimum wage.
I will say this right now of my experience, I really wish I did my major change right after I flunked out and went back and got my degree...I probably would have been where I am at now 11 years ago. And I did try to go back a few years later, but life got in the way...(married, had a kid, had no money because I was married and had a kid, so I couldn't go back to school).
Whatever you choose for yourself, I wish you luck, and remember, it is *your* choice, no one elses. Just think it through.
AJ