It depends how you look at it. You could say that you're half and half because of your parents, but you could consider yourself fully Italian because you were born there. So you could pretty much go either way.
I'm Polish. My parents immigrated from there. I wish there was a book called "Polish for Dummies" because I don't know anything about anything Polish. xD
I've been there about 3 times though. My relatives live up there.