I'm a Mech. Engineering major. It is very broad, you could end up working on anything from bridges to airplanes. I can't give you a list of jobs, but I highly suggest you mowzie (sp?) on over to LS1tech.com and type in "mechanical engineering" into the search feature. I frequent the site, and mechanical engineering comes up very often, as it seems many auto enthusiasts go that route. It is one of the best paying jobs straight out of college.
From what I hear, in order to get a good job out of college, you need to get an interniship while you're attending college, because employers want experience. As far as I know you can't get an internship untill your Jr. year, so a two-year school would rule out that, unless you're doing what I'm doing: starting off at a community college, graduate, and enter a 4-year college as a Jr.
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