In reply to timothy1988:
Great idea. A few suggestions from cycling in Europe -
Take a decent road/touring bike - as long as you're not too heavily laden with stuff around 50 miles per day is easily doable depending on hills.
Don't take too much stuff - easy enough to find/replace things in most of Europe and people generally very happy to help out if you get stuck.
Cost - depends on how you play it, can be done on a very small budget (maybe 10 euros a day) if dossing, carrying own cooking stuff etc, or cost more but be less hard work if stopping in cafes for food etc and campsites/hostels.
There's a network of trans-Europe cycle routes slowly developing - best known is around the North Sea, but others around spain/France med coast... detailed maps are great as they let you avoid the busy main roads and big towns.
register with
http://www.warmshowers.org/ - great for places to stay and meeting people.
have fun