Cheap independent travel
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This page is about mutual brainstorming about what's the best way to travel and see the world at the lowest possible cost.
Ways to travel and see the world 
A lot of independent travelers travel the world by the backpacking method. Although this may be ? cheapest, it does not allow you to travel totally on your own and still locks you tied up to someone else which will transport you (eg airplane, subway, train, ...). Having your own method of transport (eg boat) may offer more advantages here (but might not be as cheap).
By airplane 
Several low cost airlines allow people to get to a destination at the lowest possible cost of all modes of transport. At This wikitravel article you can find the low-cost airlines operating in each continent/area.
By train 
Thomas cook has a useful book on the destinations done by trains: Overseas timetable: railway, road and shipping services outside Europe.
By (sail)boat 
Cruising is another way to see the world. Sailing along on other people's sailboats or getting your own is another possibility. Cutters, aswell as confiscated boats by the navy and fishing boats may be the cheapest ships to obtain  (can be fitted afterwards with sails) or building one yourself may be an other option.
Finding cheap hostels 
Cheap Travel , Budget Holiday www.bookholiday.org
The Survival wallet may be very handy in making long voyages and a UMPC might also be handy. Further info may be obtained from Doug Lansky's Travel survival book.