It's neither right nor wrong for someone to move out of home at 16, it's down to whether they're ready to live independently and every individual case is different.
I moved out at 17 and people said I was stupid and doing it too soon, but I knew I was capable of looking after myself and wanted to be independent. I've turned out alright, I've got a degree and a good job and a nice flat, so it's not the downward spiral into council houses and the dole that people make it out to be.
But I had a mate that moved out at 17 too, and he didn't do too well. He moved from crappy job to crappy job and kept getting evicted for not paying his rent. He left home on bad terms so he couldn't go back and he ended up staying with about 20 different people until he finally got himself sorted.
If you're really sure that college and home aren't for you, then you need to have a definite way of making it work on your own. It is expensive and bills do mount up more than you ever think they will, so you need to be sure you can do it first. You should also try to leave on good terms with your parents so you have the option of moving back if it doesn't work out.
But it sounds as though you may be considering moving out just because your parents would give you grief about leaving college. Firstly, I would never advise anyone to leave education. I think it's one of the most important things you'll ever do, and even though the academic route isn't for everyone, it gives you so many more options later in life and you could end up regretting it for a long time. If you're not happy with your subjects or college, you can always change them, but I'd strongly advise you to make sure you're qualified in something. It doesn't even have to be an academic qualification, vocational training will be valuable too, just get trained to do something that can lead you to a stable job and a good income. But anyway, if you are determined to leave college, I'm sure leaving home wouldn't be a necessity, you should be able to talk to your parents, explain why you're unhappy and what it is you want to do. Just have a plan, your parents probably won't mind what you're doing as long as you're actually doing something constructive.