I picked up everything and moved to Iceland for a year, after I finished my BA. I went there under the pretense of getting an MA in English (ha!), but dropped that after two days in the country. I enrolled at the university anyway and took a bunch of language/culture/history classes while I got my citizenship (my father was Icelandic) and spent time with my paternal family. I taught English on the side, since I had certification and could make some money doing it.
It was unequivocally the best year of my life, and it changed my life course from that point on.
Things to note: 1) I had family/personal contacts there. 2) I had a school to go to (even if I ended up changing programs). 3) I had portable job skills (teaching), like what willravel recommends. 4) I had citizenship options, which included the right to work.
You need at least one of these things, if not two or three, in order to establish a life abroad. But if you are going as a tourist, all you need is time and money.
Either way, do it if you can.
I think it's great that you are committed to living in another country for a substantial portion of time, if not the rest of your life. That takes serious balls, man.
Personally, I think every American student should have to spend one year of HS abroad, but that will never happen.
