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What is the cheapest way to travel around the world?

I am planning on travelling around the world next year (UK -> USA -> Cook Islands -> New Zealand -> Australia -> Bali -> Athens).
I have looked into RTW tickets, and buying flights individually as you go around, as it gives you more flexibility, and you don’t have to pay for it all up front.
I have heard that it can also be cheaper that way if you get last minute flights etc. but does anyone have any experience of it, and whether it costs less/more (and how much more)? Can you even get cheap last minute flight offers from Australia to Bali etc?

I fly international alot. The best way to get good airfares is to check the individual airlines often, at least once a week. They often have sales for a short time, less than week, but you can get some great ticket prices if you will spend the extra time working on it. Check the links below and watch them. I fly to Japan mostly and I have never paid over $900 to fly there and that was during a peak season. By doing a little extra work, I save hundreds of dollars on my tickets. A little work can go a long way.

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