How hard is it to rewire a house?

My husband and I are buying a circa-1930 4 bedroom house, and when we had the inspection, we were told that basically all of the wiring had to be redone. Nothing is grounded and there are only two outlets per room. A few of our friends are handy with electrical things and have offered to help us do the wiring ourselves. My husband thinks that this is a good plan; however I not being a DIY-er am a bit nervous. For those of you who are handy, or electrically-minded, is this totally out of our league. Should we just hire someone, or can we pull this off ourselves?