Yes, you can do it! It's going to take a lot of extra legwork, but I'm finding that lots of reception sites are experiencing cancellations for wedding dates of less than 6 months away, and these sites want to book those dates! So they're offering massive discounts you might be able to tap into. Just be sure to research each site and vendor well, since you want to be sure you're shopping smart.
Get on mailing lists at bridal gown shops so that you know when their clearance and sample sales are, and you'll get a gown for 75% off or more...plus accessories.
I love the idea of a dessert reception instead of a sit-down dinner. It's something different that guests love and costs far, far less. Also, a breakfast or brunch reception also costs minimal amounts.
Borrow as much as you can, from your veil to your ring pillows and every other item, from recently married friends.
DIY as much as you can, especially invitations that can be made on the cheap and it's fun to work on together. Paper is super-expensive at office supply stores, and I'm a huge fan of using coupons, coupons, coupons. Ask everyone you know to save their craft and office supply store coupons for you...even Target is a great place to shop for paper supplies.
And I'm hearing from a lot of brides who self-cater their brunch or cocktail receptions with platters from Costco.
Lots more money-saving ideas in my book 1000 Best Wedding Bargains at www.sharonnaylor.net, including where to get things for free, and chop down the most expensive parts of a wedding.
You can do it! Don't be sad! Look at this as a challenge, and make it a kind of game to net the best deals all over the place. And here's a secret that guests LOVE: if they can help you out and DIY some stuff for you, you'll make that their wedding gift to you. Which saves them a lot of money when they don't have to give you a pricy gift. And it's great to have personally-made items!
Good luck!
Let me know if I can help out with any additional ideas!

The author of over 35 wedding books, including titles on bridal showers, wedding budgeting, outdoor weddings, vows, toasts, and books for the mothers of the bride and groom. Visit www.sharonnaylor.net for more information on Sharon's newest books, and visit her iVillage blog "Planning in Peace" for tips on stress-free wedding planning.