I'm not an IT student, but I do take an active roll in working with computerized equipment. I do things such as diagnosing Cable/DSL/Fiber connections, building computers, repairing them, dealing with software issues and the like. Today I had gotten someone's internet connection going faster, and will be faster even shortly since I suggested they'd call up their ISP since their DSL stats were good for more speed at the same price, made around $40 even though I do this stuff for the heck of it. Hey, that $40 will pay for one month of internet
And an IT student is someone who is studying Information Technology, hence the name. It can be anything from computer repair to A/V equipment and building and repairing devices.