With the right tires, decent clearance, a little know-how and possibly a locker, it sounds like you'll be able to go a lot of places. You'll be pretty concious of the limited ability of your ride, and a little common sense goes a long way.

I used to have a '93 Toyota truck that was long traveled AND 4x4, and the only times I used the 4wd was to help pull out a Tundra that was buried to the rear diff in sand, and once to get my truck unstuck because my buddy (complete offroad noob) drove my truck on a sand hill on an angle and was driving way too slow. Low desert sand offroad in my general area is almost completely 2WD vehicles unless you're talking about people that are out there hitting the surrounding hills, which is obviously another story.

That being said, it really depends on what terrain you're driving in because in mud you're S.O.L. and everything else is manageable until you get into rock crawling and water crossings.