I'll tell you what though, I replaced just about everything on my Schwinn Voyaguer 11.8, and now it is down to about twenty pounds, after I get my carbon fork (don't hurt me) it should be less than that, but one thing I didn't save weight on was the crankset. For some reason new cranksets weigh more than old ones. For safety regulations I guess? I almost wish I'd just got new rings for the original crank, but I think the new crankset is plenty good...

I did save the most weight on the wheels, despite them being kind of cheap.