Europe Travel (for 3 weeks) with a minimal budget?

My friend and I are planning to go to Europe in the summer of 2009. I was thinking the price to be around 5k each. Is this a reasonable price. We want to see it ALL: Everything. Is it possible and what is the best way to come up with a flexible itinerary. Any information on this would be appreciated.

That's awesome!! Thats my plan as well, and believe me 5k is perfect. I recommend getting an international student cards for discounts as long as you're 30 years or younger. So hostels are the obvious choice, buy a hostel guide and take advantage of the rails.Invest in a good backback to carry your stuff, and ask the locals for good places to visit.
Be especially thrifty in italy,switzerland as they are pricier and maybe splurge a day or two in a hotel (you'll need a decent shower im sure) be wary of pickpockets and map out apprx. how many days in each country
cheers and good luck!

Visit these countries:
http://www.romaniatourism.com/
http://www.slovenia.info/
http://www.exploringmacedonia.com/

I have joined a great travel agency where I can not only travel at
agent rates where ever I go; such as hotels, car rentals, airfare,
vacations, cruises, and getaways. I can even get paid doing it. If
you want to find out more email me and I will personally give you the
info. This is not a joke!!!

Personally I have two trips planned this year. One in Orlando. The
other in Israel. Using this program Israel will only cost me $1030 for
flight, 9 day 4 stare hotel stay, tour and tour guide, and vehicle.
Only thing I pay for is food. Amazing!!!

I know at agent's rates your trip to Europe will be just as exciting!!!