"Sleep Cheap and Free Beer"
Ah, Prague
In 1997 a pint of great pilsner cost about the same as a stick of licorice. I think it's about 50 cents US now.
Wine lovers will love Hungarys "Valley of the Beautiful Women" Bulls blood wine is about the best value around at about $2.00/litre. Try Okacim in Budapest as well.
While beer is cheap in Italy, it's gross, stick to wine...same goes for Spain
Poland has just about every type of booze for cheap
Germany and Belgium, while not all that cheap do produce a fine product
In Munich, the Augustiner Beirgerten in close to the Hauptbahnhof and offers the best place to have a beer in many I've seen.