I wouldn't say I'm fluent in Spanish, but I'm very competent (enough to take all of my classes in Spanish when I studied in Spain in college). It's gotten a little rusty but comes right back when I spend a couple of days in a Spanish speaking country.
My French isn't nearly as good - I can read and write it passably, but my spoken accent is terrible. I can get by with basics (directions, dining, shopping, etc.) though. I would love to take a year's sabbatical, move to France, and work on it. Some day...
I've done Pimsleur tapes for other languages before traveling (Swahili, Japanese) which were helpful to learn a few phrases, but I wouldn't say I really learned the language, grammatical structure, etc.
I really wish that in the US we started teaching foreign languages in public schools from kindergarden on up. The earliest that I could start taking Spanish at school was 7th grade, as an elective. I have a Swedish friend who is totally fluent, perfect accent in English and German along with Swedish, because foreign languages were part of her school curriculum there from the very beginning.