1990's Specialized Rockhopper that was donated to my bike coop. Came in needing some love, now its hitting the roads again as a winter bike. Replaced the crank, added wheels, brake (singular for now), repacked the BB and headset. It definately isn't perfect, but Vermont has *nasty* salt.
Test ride (the dropouts make it hard to fit the chain well...)
Removed rear extraneous gears, added fenders, changed gearing to be better (ie, not 1:1) had some paint chips in my shoddy paint job, so I just used bedliner to protect the bottom.
Total cost:
$30 (mostly paint, bed liner, and Planet Bike fenders - everything else was salvaged from other donated bikes in our parts pile)