As of today, my 401k plan through my employer will allow me to withdraw (not borrow) around 60,000 of my total 401k.

I will take a bit of a hit on taxes but I really want to get the hell as much as I can out of my company's 401k plan. I would like to maybe use half to do some home improvements (I know this is not an investment) and invest the rest in overseas markets, commodities, etc...

Thoughts?