The internet is a great resource and can do a great deal for you.
Some of the things you've brought up are possible now, others however are slightly restricted due to pain in the backside regional rights.
First thing you asked about the dumping the landline and replacing it with internet phone - yes that can certainly be done at this present time. I'm in the UK and I've done exactly that, I now only use Vonage for my landline which is an over the internet based landline. I would have gone originally with Skype or VOIPStunt or VOIPBuster, but there was a few things that stood out about Vonage -
1. Very easy set up - they give you a box that plugs into your router and the box sets itself up, and everything, logs you in, etc, none of this messing around with SIP gates or username/passwords etc, however this does work to a bit of a disadvantage as I have to have three boxes for the landline - the cable modem, router and their box where as had they allowed SIP I could just have a SIP enabled router.
2. They allowed me to take my own number with me, this was vital and I don't know of any other VOIP provider that offer this service. I have a very good number which I use for both my business and home use so it was vital I got to keep that number.
3. Emergency calls are still available through Vonage (unless for some reason either the internet is cut or there is a power cut)
Now as for the other question regarding TV - unfortunately don't get your hopes up yet of ever being able to ditch your TV package and watch European shows through the internet.
Due to various licences that different companies hold for different shows in different countries many TV companies have to restrict their content only for the country it was destined for. This is due to various distribution rights which are really hindering the development of online TV. Probably one of the best examples of this is with the BBC, in the UK we all pay TV licence fees to pay for the shows that the BBC produce, therefore the BBC are very restricted on what programs they are allowed to show to the rest of the world, due to other countries not paying a TV licence to watch the shows.
Also some other companies have a contract with another company for the distribution of their shows within different areas e.g. in America Disney distribute Disney films and shows, however in the UK Buena Vista have a contract with Disney to be the sole distributor for Disney shows within the UK, and the contract states that Disney will do everything with in their power to stop people from the UK watching shows that have been "sold" or offered by Disney (this is why DVD's and Blu-Rays are region coded, however it has been found that this type of preventative measure could actually break the human rights act, at present Australia is the only country to have acted on this though).
So the only way to watch European films in America is to either try and find a website that is uploading them illegally and watch them through that (and hope there is no virus or other malware on that site), or you can also use a proxy server. This is quite complicated, but this makes the real server believe you are in a different country to the one you are currently in. I have used this a few times to watch shows from RTE using a tool for Firefox called FoxyProxy, but this is always hit and miss, and sometimes selecting a none working proxy can stop your internet from working all together, until the original proxy settings are restored, or altered to a working proxy.
There are of course some other things you could use the internet for which are really handy, probably the most useful thing on the internet at the moment is called Cloud Computing. Using Cloud computing you can store all your files on the internet on servers like pictures, or films you've created, or diary dates, or e-mails, or contact lists, or anything. You can then go to any computer in the world and access your pictures, films, e-mails, contacts, etc just by logging in.
This has some really good potential - for example you lose your mobile and you had loads of friends contact details, and also pictures you've taken all stored in the phone. Normally you'd be gutted as you might never get all of them back, but with the cloud it's not a problem. You just get a new mobile and log in to your contact list in the cloud and retrieve all your contacts again into your phone, and also do the same with the pictures. Also because most mobiles are on the internet some phones allow you to automatically upload this to the internet as you take the pictures, or note down contacts details.
Another thing is if you had a virus infection and it wiped all the data on your hard drive, again you could lose all your treasured pictures, movies, etc that are stored on the computer, with the cloud this isn't a problem, you just log in to the cloud and retrieve all your information again.
And one other useful bit with the cloud is that if you go somewhere and you realise you've forgotten something like someones phone number that your supposed to be meeting. This isn't a problem you can just nip into a cyber cafe login to the cloud and retrieve the details (or even use your phone to retrieve the details).
Because it is all stored on servers on the internet it is highly unlikely you will ever lose the data (unless of course the company goes bankrupt, but some of these major companies like Microsoft, Google, Flikr, Youtube, Picasa etc it is highly unlikely to happen), unlike storing it on your home computer which could crash or be subject to a virus attack at any time. Cloud computing (or similar variants) is offered by many companies on the internet such as Google, Microsoft, Flikr, YouTube, Picasa, etc.
Hope this helps.