Taking the 14 tests is a pain in the rear. It's not that expensive and it can be done. The tests were around 110 euro each when I did them in Ireland. It took me 3.5 months from picking up the first book to taking the last test. A friend of mine did it in 3 months, but then he did them in the UK. Ireland only gives the exams once every 3 months.
You can sign up for an online test data base at
Welcome to Bristol.gs for a cost of 72 euro. This gives you three months access to the test bank. Much like the Gleem books in the States but with a lot more questions. I don't know where you could sit the exams in the States but I'm sure with a little work you could find somewhere to do it.
The fun part is the work permit. Each country is different so you will have to do some research. Spain and Portugal are out of the question from what I've seen. Others I've looked at are less restrictive. About the best thing I can say is don't walk away from the possiblility based on what you are told on this or any other message board. Do the leg work on your own and then make the decision.
If you do want to work over here the absolute biggest obstacle is the license. Without a JAA ATPL all an airline can do is have your FAA license validated by the appropriate authority. That means you can only be hired for an aircraft you already have a type rating on. And if you ever want to upgrade it has to be a command type rating, not that silly Canadian SIC type rating all the FO's in the States are required to get.
Google is an excellent tool. Try something along the lines of contract pilot jobs. Also, some of the Contract companies are a foot in the door if you can get jobs ferrying aircraft for them.
Again, it's a lot of hard work but if you commit to it there are opportunities out there. As with most things in life, how bad do you want it?