I'd love to do the budget backpacking thing, I'm dying to see Europe. Hopefully when the kids are a couple of years older we can leave them w their grandma and take off to see the world for a few weeks.
Or the Vogel family - http://familyonbikes.org/blog/?page_id=10 ("The Vogel family left June 8, 2008 for a 2 1/2 year bicycle trip traversing the Pan-American Highway from Alaska to Argentina.")
It can be done.