I have a frame

tba

Well technically I have a whole bike, but with lack of care and general sparseness of servicing, it is now a frame with rotten rubber and rusted cogs bolted on in various places. It rides, but it rides like a noisy bronco.

In the spirit of reduce/reuse/recycle I'd like to bring it back to life and with the current economic conditions (CEC) it seems the smartest thing to do. Coupled with an increase in my own spare time (also a product of the CEC) it could be an interesting project to engage my time.

I'd like to spruce it up as a single speed city bike with slicks, comfort handlebars a decent seat and maybe a disc brake and some new wheels. All wrapped up in a new paint job.

It is a Falcon (venom... uggh) bike circa mid to late 1990's, the frame number is 587458 and it is BS 6102: Part 1: 1992 compliant blah, blah, blah.

So onto my question, am I wasting my time with this frame, will it ever be a decent bike? Any opinions welcomed.
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I'm looking at these websites for info.

http://www.instructables.com/id/How-to-Build-Up-a-Bike/
http://www.instructables.com/id/Bike-Painting-Tips/

also check this guy out

http://www.instructables.com/id/How-I-built-a-carbon-bike-frame-at-home-and-a-bam/

blorg

It's probably not great and you may not save a lot of money. Does it have horizontal drop-outs? Adding a disc brake could be tricky- I'm presuming just on the front in which case you might have to change the fork (presuming your current fork does not have disc mounts.)

tba

Horizontal drop outs alright. I'm not against getting a new fork, what type is needed for disc brakes?

Price wise any reduction is a bonus, hence the single speed, I might only stick a single brake on too. We are not talking anything top of the line.