Volunteering whilst travelling is a great way to 'make a difference' but it's not just about giving. Living and volunteering in a foreign country is a great way to get to know a different culture, meet new people, learn about yourself, get a sense of perspective and even gain new skills.
If you're only on a short trip, take time to visit an orphanage, hospital, etc. Those with more time can contact local NGOs, tourist offices, embassies, etc to inquire about longer term possibilities.
There are several ways to combine traveling and voluntary work:
In Europe, young people can participate in an EVS program, European Voluntary Service , which allows them to work abroad for 3 months up to a year, funded by the European union at some kind of charitable organization.
If you would like to combine traveling and working on an organic farm, the WWOOF-ing - Willing Workers on Organic Farms  - might be something for you. You can be sowing seed, making compost, gardening, planting, cutting wood, weeding, making mud-bricks, harvesting, fencing, building, packing, milking and feeding livestock any of 80 countries.
Other organizations with opportunities beyond the scope of just organics include SE7EN  and HelpX .
If you would like to work in an international work camp for two weeks as an alternative holiday, contact your national branch of SCI .
If you pay US or Canadian income taxes, you may be able to take a charitable deduction for some or all of your trip expenses. The IRS is very strict on which organizations' trips qualify, and if you combine volunteer work with vacation, you will have to prorate the deduction on your airfare.
Various agencies of Western governments send volunteers abroad: the US Peace Corps , British VSO , Canadian CUSO  and so on. These are among the best volunteer jobs. All expenses — immunizations, travel, lodging, etc. — are normally covered and there is support — training, medical insurance, emergency evacuation if needed — and some sort of small salary. When you come back, these organizations look good on a resume. On the other hand, these positions are harder to get and usually require a heavier commitment, typically two years.
There are also various organizations that recruit volunteers. These may not cover the major expenses such as airfares and travel insurance. Some charge a fee for placement. A few of these are: