My dad had an old Schwinn World Sport. I stole it from him and tore it apart. I had to replace just about everything since it was a riding deathtrap. Cables were rusted and split, bearings were waxed, I found a cockroach in the bottom bracket space.  Here is a pic of it before I tore this apart. Taken from the iPhone.

I ordered a few parts and they arrived today. I am converting this into a fixed gear bike. I will be using this to get to work. Later this fall I plan on media blasting it and painting it. New seat, new pedals, new bars are in order.