OP I really feel for you, it's so hard when you have a child who wont self settle and sleep through the night.
I do not agree with the posters who say controlled crying is cruel. Done properly it can be life changing for all concerned, including the child. Though as you'll see from this thread it's not something people own up to doing as they will be called 'bad mothers' by those who don't understand what it's like to have a non-sleeper, or who have a lot of support to hand (reminds me a bit of the militant breast feeding advocates).
We did controlled crying with my DS at a similar age. He always fought sleep, wouldn't settle without me in his room touching him, holding his hand or whatever, and would wake several times a night. It was unsustainable after I returned to work so something had to change.
Actually doing it was awful for me because my instinct was to go to him, but DH was supportive and helped me through it. Within a few days DS was going down to sleep contendedly without me and sleeping through the night. Prior to that he would go into meltdown if I even moved as he was settling as he thought I would leave the room.
It was much better for both of us afterwards because he knew it was sleepy time and I would be there just after he woke up in the morning, and I actually got full nights of sleep for the first time in over a year. I felt like a new person, and my little boy was well rested and happy.
What I don't think is a good idea is trying it when the baby is very young (under a year), or starting controlled crying then caving, only to try again multiple times. I imagine that could be very stressful and confusing to a child.
So I would say read up on controlled crying (not the same as cry it out), make sure you have someone to support you, and give it a go. I wish you the best of luck, and many uninterrupted nights sleep!