I don't think they discriminate based on colleges but obviously it'll be harder for you (for instance they probably won't visit your campus for recruitment). You've to work extra hard to make a mark there. Also use innovative ways to get in touch with people at these companies (usually HR might not be able to tell you're a great hacker unless they see certain keywords like IIT in your resume). Go to BarCamps, DevCamps like others suggested. Yahoo! has Open Hack Days (this is a great way to meet some employees). I've a few other suggestions:
1) Start working on interesting opensource projects. Get your code up on GitHub.
2) Try Google Summer of Code (GSoC) - prepare well in advance for this, become friends with the project leads on IRC, ask them for interesting projects to propose, and show initiative.
of course yes! I work for one among the top companies. I studied in a village from a low grade universities(it doesn't matter where you study, it all about how and what you study). Though I couldn't get into top companies right out of college, In 2 years I ended up in top companies. Most(not all there are some smart guys out there too) of the IIT and NIT i have seen are jerks or n00bs. You got the passion and attitude to learn? then you got the world out there. Forget what your relatives are doing its all about you and what you wanted to do. Contribute to Free Software become a rock star hacker. All the best :)
1) Start working on interesting opensource projects. Get your code up on GitHub.
2) Try Google Summer of Code (GSoC) - prepare well in advance for this, become friends with the project leads on IRC, ask them for interesting projects to propose, and show initiative.