What do you give up first?
1. Cable/Satellite
2. Cell phone
3. Going out to eat
4. Internet access
5. Movies/shows/concerts

no hedging
My list:
1. Cell Phone - I have a prepaid cell phone in the car, mostly for emergencies. It might get used once a month, if that.
2. Movies/shows/concerts - No big deal; we only go a couple of times a year. If we splurge, we'll do three days at the Philadelphia Folk Festival in August. It's only a couple hundred bucks total for both of us and it seems to give us our live music fix for the entire year.
3. Eating out - Most times I'd rather eat my own cooking. It's better, cheaper, and I get to choose the menu!
4. Cable/Internet Access - We get our Internet from our cable provider and my wife has to have it for her in-home business. That one's non-negotiable. If we had to unbundle, I could probably give up cable as long as we had the 'Net.