With that kind of a budget, you'll be limited to Mexico/South America. Anywhere else, the flights and hotels alone are bound to take up the entire budget.
I'd would look into Iceland though. You can get surprisingly cheap flights there. You could do Vegas, but obvisouly, if you want to drink/gamble at any establishments that won't be in the budget. With South America/Mexico, you'll be able to get all the booze you want.
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