If you can "clep out" of some college courses (say, the first two years of spanish, or college pre-calc), it logically follows that you should be able to clep out of nearly ALL of it.
Imagine being able to test out of 95% of your college courses, and still get a degree that carries the weight of the 4-year done in 5-year (because dad's paying for it, and real life is hard).
Never happen, of course. But it should. Plenty of studies out there demonstrating most college grads come out knowing less than when they started.