SQL Server 2005 onwards:

IF EXISTS(SELECT 1 FROM sys.columns 
          WHERE Name = N'columnName'
          AND Object_ID = Object_ID(N'schemaName.tableName'))
BEGIN
    -- Column Exists
END

Martin Smith's version is shorter:

IF COL_LENGTH('schemaName.tableName', 'columnName') IS NOT NULL
BEGIN
    -- Column Exists
END