Currently have a Hoffman Rhythm 18"  ---and yes, I am not a tall rider.

I used a lighter seat (and sawed the seatbar)- lightest pegs available and a lightweight front spocket - also changed the standard "gooseneck" clamp to a much lighter version.  the bike was like 32 + lbs from the store and is now less than 28.  And let me tell you the bike has taken some major punishment and has not fallen apart - this bike was made for a smaller person -- but WAY to heavy to whip around... 4 lbs lighter and I can do some things ...

http://home.ptd.net/~borowmic/images/fortheweb2.wmv    << most current video - you'll need windows media

now if it were 26 lbs out of the box.......