Yes! I have been doing a lot of thinking and preparing for this thing over the summer. I live in Chicago, and it is a fairly bike-friendly town. Our buses are equipped to take bikes on a carrier mounted in the front of the bus. (2 per bus). You could also carry on a fold-out bike, and yes, I just bought a stainless steel Dahon on ebay for a lot less than new. It is in fairly good condition too. Any work having to be done on any bike is worth the effort in cost vs. what you'd spend on a car.
A lot of bike sites quote that what most people do in an urban/suburban area is within 2 to 6 miles of their home. That is easily obtained by most people, even those out of shape. (like me..used to ride all the time in my teens and 20's though, as I didn't own a car until age 28.)
I have a Trek bike, and it is a very good one, and I am adapting that to take a thing called an *xtracycle* which is marketed to be an "SUB", instead of "SUV". The concept is a simple one, and it can be found on their website. (google xtracycle).
What it is, is a system that makes a larger carrying space out of your bike, and can make it into what some cyclists call "mule bikes", ones used for "hauling".
You can also find more information at the BikesatWork.com and http://www.workbike.com
Also google "Human-Powered Vehicle". There is literally gobs of stuff out there on the web about bikes, critical mass, etc. out there, and bike advocates ARE the first "Peak Oilers". Many of them, as I am getting to know them, were banging their heads against the wall as we proclaimed "Peak Oil"! and drove home in our comfy cars from the "awareness meetings" totally clueless. Actions did not follow rhetoric.
I am ashamed to say that I own a car, and after the xtracycle is installed, with my little armada of bikes, (I also have a thrift store Schwinn that I bought for 12.00, got fixed up for 120.00, tricked out w/ metal folding baskets for 14.00 apiece..I got 2. I also see a nifty little thing called a Trikke, if you are interested in only transportation, for not too expensive. It is a cambering vehicle, and it runs on a different principle than a bike.
I am also interested in a recumbant bike, those are way more expensive, but on a recumbant trike, I could almost use that LIKE a car, it is much more user-friendly to longer bouts of road. I don't think it's the best type of thing for city-driving right now, however. (wait one month..lol).
If you haven't bicycled for a bit, give yourself a chance to rebuild your leg muscles, your lungs, your awareness, get a helmet! Get a light! (go to "down low glow" off of the xtracycle's list, and you'll see how to trick out your bike in neon, and of course, you can repower the battery via solar! The visibility is INTENSE! This is a feature that is more than just making something beautiful, it also makes the bike practical for safety's sake.
There are many bike lists, I would get on one for your area!
There are good books out, one is "Divorce your Car" by Katie Alvord. I was one of those PeaK oilers that just didn't match my words to intent.
I think the catalyst was for me...I manage garden centers, and am a horticulturist. I had some very wonderful young men working for me this summer, and many of them knew that they could very easily be called up for a draft. It became real for me, as I didn't want any of them to be killed in that useless war. If I ride, I ride for the environment, ride for their future, my health and welfare, and for hopefully, a gentler powerdown.