Uruguay is awesome IF you can do work abroad while living here. If you can manage that, which with IT work you might be able to pull off, even if its a job that only pays, say $1000US a month, you'll live like a king... well, upper upper middle class.
A 1LT bottle of beer costs a little over $1US here (and its german-based Pilsner beer, so it might even be to your liking). You can eat at a top-quality restaurant for under $10US. Rent for a comfortable 2-bedroom apartment in a good neighbourhood is under $200US a month.
You can go out on any weeknight and there's something going on (in Montevideo). The city is beautiful, very little crime, all of the amenities us 1st-worlders are used to (we even get DW here on cable, so you'll get the German News). The women here are gorgeous. The Ice Cream is fantastic, the meat is abundant and all organic and wood-burning BBQ. The living is really easy here, and it never gets colder than about 5ÂșC.
There's also a huge gaming community, and we have a great time.
RPGPundit
Edited to add: Like Jong Mentioned, there's tons of IT work to be had here; it'll pay less than IT work will in Europe, obviously, but its still considered a very good job here, and would likely make you enough to live well, even if you didn't get a telecommuting job like I was thinking.