If you get the job, your employer will want to see all of your certificates, which will be a problem if you've told them that you have a degree. If you don't/can't produce a degree certificate, you'll be asked to source a duplicate. There are only so many excuses HR will accept before you lose the job. In many companies you can be sacked without notice during a probationary period and I've had to sack someone for lying on their CV.
You would also have to find a way of not including a reference from anyone who knew you at uni, as they're bound to mention you dropping out without a degree. If you're relatively near the date you left uni and you don't have much of an employment record yet, this will make life very tricky.
I dropped out of a degree. I always put it on my CV with the dates I was actually at the uni, followed by "(not complete)". That way I wring a few brownie points out of it but I'm not telling a lie which is likely to bite me in the backside at some point.