Seems that you can make it happen. Read this post regarding the ability to offshore competitive site analysis for $15-$20 an hour. The author refers to this as sub-shoring.
It would certainly be interesting to see a micro list of offshoring jobs that are billed by the hour. Need to input a bunch of disparate data into a single, beautifully formatted spreadsheet? Would you rather have your $100,000 per year Executive do that work or have a $15 per hour person in India do it? That's going to become an easier and easier question to answer as more and more white collar tasks are available by the hour off shore.