Light Mid-90s MTB + Dimension cruiser bars + wide butt saddle = 24 pounds without the rack and it's bolt upright.
Not appreciably faster than a Raleigh Sports on the flats but much easier to climb hills with it. I think this particular one would be nicer with a setback seatpost and shorter stem, but not necessary for all examples.
Vacuum haul by
Lester Of Puppets, on Flickr