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Well, I started a 401(k) as soon as I turned 18. If you go to a savings calculator on the web, take a look at how much more money you'll earn if you start it 5 or 10 years earlier. I would suggest that you save a pretty good portion and put it into the retirement accounts, providing that you have nothing else to spend it on, and take the other funds and put them in some stock. Before you invest in stock though, make sure you know the amount of risk you are willing to take, and what your goal for this money is to do. If you listen to Warren Buffet, he basically says to just buy some great companies and hold on to them forever.
Both types of investments are relatively long term, although the stock(s) you'll likely use before retirement. However, while you are going through college it will be (hopefully) growing and when you are done, you should have a pretty decent nestegg.
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Just in case you were wondering...
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