Awesome, guys -- thanks for the insight. If it turns out to be mechanically and structurally sound, do you think I could learn some beginner's mountain biking stuff on it? Would I be sneered at by those in the know for the age and low pedigree of my bike? Or maybe it has some caché because it's older...
I'd prob. have to ride in sneakers using the toe clips, 'cause right now I don't have the scratch for another pair of clipless pedals and a new pair of shoes. So that really answers the question about being laughed at... But maybe it would at least reveal whether I want to save up for a newer bike later on.