I'm so sorry to hear that, I think there's nothing worse than when someone's wedding/wedding day gets taken over and taken away from them.
Eloping is definitely an option, but if it's still important to you to have your friends around, why not just plan something small that you and your fiance want and can afford (it sounds like you will end up shelling out money in your parents scenario anyway) and do it just the way YOU want to do it? If 120 of your wedding guests are friends of your parents anyway, then why do you care if they're at your wedding?
You can go have a party at a friends house or hotel and get married there, or find a cute chapel and have a destination wedding you invite your closest friends to, or elope on a cruise and come back and throw a huge party with all of your friends and family. If your parents basically want a big fancy party for their friends, they can always throw a formal reception, then she can plan it down to the last detail and you and your husband can fly back for it, no stress involved (or at least, much less
).
Regardless of what you decide, just make sure it's what YOU want for YOUR wedding day.