I've tried it - guitar wire is good to experiment with and cheap. Get a ones of a few different thicknesses. Cheap as chips.
Power supply - 12v with a bit of umph is required. Also depends on the density of the foam you want to cut. I was using a power supply that had an output in excess of 1.5A and it wasn't a huge success. Might have had something to do with the fact that I was trying to make one 1m wide and the foam was very dense.
Also note that as the wire heats up, it will lengthen, therefore sag.
2' might be doable. I'd be inclined to knock up something resembling an H frame. Pivots (screws should initially do) on the intersections between the horizontal and the verticals, wire across the bottom and you can adjust the tension by hand, by pulling the uprights, inwards at the top.
Worth a punt.
HIH
Dibs
p.s. model railway power supplies usually have enough grunt and have a dial to vary the output. :wink: