In late 2003 I was laid off from my job as a hardware/firmware design engineer. I spent the next two years away from work. During this time I spent nearly a year on self-study, got married, and then went travelling with my wife in Europe and south-east Asia. We worked on and off while travelling to be able to afford to continue our adventures.

If you are a self-motivated learner I would highly recommend a study break. The stuff I learnt during my break helped me secure my current job. I spent most of my time learning about web development, both client-side and server-side technologies. I now teach these technologies at a local college. I also do contract web work on the side.

As others have mentioned, be sure to pick some solid learning outcomes. Map out your study goals. Give yourself timeframes and be sure to reward yourself when you meet these milestones.

I'd recommend either blogging about your experiences or putting together a portfolio of work. This will come in handy when future employers ask about the gap in your resume. Working on one or two open-source projects might also be worth while.

Learning to live frugally and within your means is also key.