Originally Posted by
ehcoplex
Seems a little odd that the bike is 5sp and the frame is spaced 130mm, but if that's the case you ought to be able to just put a 7sp freewheel on the wheel you've already got. If your shifters are friction, adjust the high and low stops and you should be good to go. If it's an indexed system (seems unlikely if it's a 5sp now...) things are a little more complicated.
That's what struck me odd too. I have 2 old road bikes here and this one is really a little bit odd compared to the old centurion I got. Both are 5 speeds but the centurion is narrower so yeah, tape measures ain't lying so I gotta use it to its full potential.