LOL HT, I see you had an instructor from the same school as mine.
The FARs let you do just about ANYTHING with an airplane, with the caveat that if you screw up, it's your fault no matter what.
For example, other than some rules about obstacle clearance and minimum heights above populated areas, you can fly as low as you want. However, a paragraph later is a catch-all "rule" stating that the pilot MUST fly high enough to safely recover his aircraft should anything happen.
Read that from the perspective of a lawyer, and it means that no matter how high you are, if you run out of altitude for ANY reason (lightning hits your plane and the wing falls, off, etc), it's the fault of the pilot in command.
Flying is pretty neat. Just don't screw up
