If you are really serious about remaining in Italy, there is the possibility that you may want to apply for Italian citizenship. Italy is fairly liberal about awarding citizenship, although the bureaucratic process is rather long. For starters, if you are a descendant of Italians that emigrated (and can prove it) you are entitled to Italian citizenship. The same is true if you marry an Italian. If you’re not lucky enough to fulfill either of these two requirements, all is not lost. Analogously to procedures in other countries, if you are a legal resident (with a carta di soggiorno) for a long enough time, you can still apply for Italian citizenship.
However, some things need to be kept in mind. First, consider the risk of losing your home-country citizenship. Some countries accept dual citizenship, others only under certain circumstances, and yet others will consider your acceptance of another nationality (or even service in foreign governments) as a renunciation of your original citizenship. Secondly, if you are still of military service age, are you willing to accept mandatory military service (as an alternative you can be a peace protester and perform civil service).
If despite this you decide that Italian citizenship is for you, then here some details on the mechanics of applying for and obtaining citizenship.
Citizenship by marriage. You were traveling around Europe and met the love of your life (who happened to be Italian), you decided to marry that person and settle down in Italy.
Citizenship by descendancy. So your great-grandfather emigrated from Italy to Argentina in the early 1800’s, did not renounce his citizenship, and now you want to use that fact to claim your Italian citizenship.
Citizenship by residence. For when you have been in Italy long enough to become Italian (>10 years). coming soon
Citizenship by adoption - coming soon
Citizenship by parental recognition - coming soon.
Dual Citizenship Info for US Citizens : You want the best of both worlds!