Do it, and don't be hesitant. Take a leap of faith and just say I am going to do this. It will be one of the most cherished times of the rest of your life, mark my words.
As for where to go, that is up to you. Do you want adventure? Do you want to be a beach bum? Do you want to do both?
Personally, I wouldn't let cold weather stop me from travelling to a place I have always wanted to go, but that's just me. I have been to the UK a couple times in the dead of winter and had a great time.
Scandinavia is brilliant and if that's where you want to go, then do it. In winter you'll be able to catch some hockey in Sweden and Finland. More than the cold, the biggest downside is that it will be dark a lot. Also, believe me, you want to be in Scandinavia in the summer.
That's not to say you can't go back.
Europe is never a bad idea. I've been there five or six times and I still feel I have only scratched the surface. Even in England where I have lived and visited many times there are a million things I have left to see.
The Southern Hemisphere would be a great place to be in February, that's probably the best time to come actually except that it might be busy.
You won't die in Africa, don't be ######ed. Having lived in South Africa for a few months, I would highly recommend going there. I think everyone should go there at some point in their life, it is possibly the most beautiful country I have ever seen and Cape Town is the most beautiful city I have visited. Google Earth it if you don't believe me. You would be very happy if you went there and would not regret it. It's cheaper than Europe or Australia too. I have heard nothing but good about the rest of Africa. I would advise holding off on plans to visit Somalia or Darfur though. The rest is doable.
Don't choose not to go to Australia because you want to see more of the world than just one country. Countries are just lines drawn on maps. Are you interested in seeing the world or just the stamps in the passport? There is a lot to see in Australia. Imagine someone from Australia choosing not to visit Canada because they wanted to see more in the world than just one country. This is a country with rainforest, desert, mountains, beaches, wineries, cities. You wouldn't be able to see it all in a month, so don't rule it out because you don't think you'd be seeing enough of the world.
South America, I can't comment because I haven't been there yet... I'm sure it would be great. I have friends who have travelled through Ecuador, Peru, Chile and loved it. And Brazil in February? One word: Carnival.
I will leave you with this. Decide where you want to go, if you could go anywhere in the world. Think about it for a while. Then go. Don't worry about the weather. I know you won't regret it. You'll have an amazing time and life will be exciting for you once again. It doesn't matter where you go, there are wonders everywhere if you take the time to pause and look for them.
OzyFlame, drop me a line if you are in Sydney. If I can get my internet connection figured out (ATTN: read the computer help thread people!) we can watch Flames games on Calgary TV using SlingPlayer on my laptop.