And start right this minute. Good luck!
I'm not saying do it full time, just walk out of this currently nonsense situation and do elance for a few months while you look for another full time job.
You'll be amazed at how many opportunities there actually are in this world that don't suck once you start looking.
You'll be fine dude!
As soon as you're making $500 a week - which will really not be a problem on Elance for anybody competent with a good grasp of the English language - quit. Just walk out the door. No notice, just at the end of the day, go to your boss and say, "I'll be leaving now."
Then tell him your new hourly rate for consulting. Make it a good one. If you're as indispensable as you sound, you'll be working the same job with a reasonable rate within a few weeks.
Mentally commiting myself is something I believe I can take hold of. My main issue and worry will be finding a new employer. The area I am in currently, Northern Eastcoast, lacks tech companies. I would have to relocate to Philly, New York, or Boston to get to any hub. And currently money is too tight to do something of that nature.
With this job I got myself into this nasty living paycheck-to-paycheck situation. I will have to have something in place before I leave.