When a potential employer goes over my resume, is he/she gonna have a stack of online degree holders and a stack of "real" degree holders? I’d hate to spend all the time and money, only to find that my degree won’t hold up against someone with a brick and mortar degree.

As long as the college (online or campus based) is regionally accredited, any degree you earn should be accepted by any potential employers or other academic institutions.
My best recommendation would be to contact a number of colleges to find the best fit for you and your needs (tuition, schedule, career opportunities, etc.). Too often people enroll in the first school they find rather than taking the time to find the best school for them. Taking that time now could save you a lot of time, money and frustration if you choose the wrong school.
This site has some good info on regionally accredited Online Degrees and some colleges that offer them to help expand your search:
http://www.ecollegefinder.org
I think you can enter your info on there for any colleges you are interested in and they will send you more info for free. Good Luck!

I am trying to find a respectable college that offers a Masters in Accounting…Does anyone know of a REAL college where this is possible??PLEASE help!! Also, is a degree in accounting a good field in this economy???

I did a quick search and found a few schools on http://accounting-online-degree.info/ You should check them out.

1. Master of Business Administration - Accounting Specialization by Saint Leo University - As a Saint Leo University MBA student, you will gain a deeper understanding of the key functional areas of business. Courses focus on managing the complex interactions between these functions when defining and solving real-world business problems.

2. MBA in Accounting by Grand Canyon University - The Master of Business Administration with an emphasis in Accounting is offered by the Ken Blanchard College of Business at Grand Canyon University. This program combines the broad-based, general management curriculum of the MBA program with specialized skills.

3. Master of Accountancy by Stetson University - This is the only online MAcc that provides you with the following benefits: no residency component - earn your MAcc completely online and designed with the CPA Examination in mind.

Hope this helps.

I want to teach American literature at the community college level. Is it possible to get a masters degree online and it actually be useful? Or do I have to go through a university?

It is possible for you find a valid degree for the major that you want on line. It would be better for you, however to receive the degree from a brick and mortar school. You will find obtaining a job to be easier that way./