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).
Several low cost airlines allow people to get to a destination at the lowest possible cost of all modes of transport. At this Wikivoyage article, you can find the low-cost airlines operating in each continent/area.
There has also been a surge in the creation of flight aggregator sites that allow you to cross-reference prices and find the cheapest flight possible.
Thomas Cook has a useful book on the destinations done by trains.
Cruising is another way to see the world.
Sailing along on other people's sailboats or getting your own is another possibility. Cutters, as well 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 hostels can be found at various Internet sites.
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.