Indeed, most of the top competitors have been practicing since high school. We were lucky to assemble a team that has been training well before.
MIT's team consists of freshmen who are still in good training since their national high school math olympiad trainings from their respective countries.
My first serious introduction to algorithms was through Tim Roughgarden's 'Algorithms: Design and Analysis' course on Coursera. It's a nice formal introduction and really focuses on and builds an intuition for how to think about problem solving like a computer scientist. I'd also recommend Steven Skienna's Algorithm Design Manual as it's written in a similar style.
As mentioned earlier, the TopCoder Online Judge is a great tool to practice problems as well. I could never find a tutorial which covered how to effectively use TopCoder as a practice tool so I wrote one for my programming club: http://acx0.com/cpc/topcoder.html (note: the rest of my site is a complete mess right now)
Of course, there's tonnes of other resources out there but these would be my top recommendations so far.
I realize I didn't exactly put a lot of time into practicing and learning new material, but now that I've graduated I'm hoping to practice more and eventually try raising my rating on TopCoder. If anything, training for ICPC drilled the basics of algorithms and data structures into my head and lead me to find tons of excellent resources for improving in these competitions (and consequently, programming/problem solving in general).