Bicycle Mechanics - Used Trek 700 Multi-Track

I am not new to biking, but I am new to advanced bicycle mechanics. I have done minor repairs. I have a very well used 1992 Trek 700 hybrid. Besides repacing the tires, seat, and cables, that I can do: on this bike I will need to replace the bottom bracket(don't even know what bottom bracket to order), sounds like a pepper mill grinding. Moreover, I think that have to replace the the rear hub and some broken spokes. Besides the minor repairs, the major repairs at a bike shop would cost more than the bike is worth. Would appreciate any suggestions.

Make sure the seatpost isn't siezed. If so, then forget it, the cost of removal isn't worth it. Better to replace the entire rear wheel then get a new rim laced to the hub. Of several spokes are broken, and the bearings need replacing, just get a new wheel. The bottom bracket can have the bearings replaced for a reasonable price.

The question isn't are the repairs more then bike, but is the repair cost more then a new bike.

Thanks for the reply. How do you know if the seat post has seized? Also, I know getting the bike repaired would cost more than the bike is worth. Moreover, doing it myself may end up costing me more than buying a similiar used hybrid. However, I would like to learn how to do these more advanced repairs.
Joe

Your major dilemma is tool cost, unless you can borrow bike specific tools.
I've replaced a BB myself without the correct BB specific tools, but I had a good assortment of other tools to choose from. One was a large curved jaw vise grip pliers!. You still need a crank puller though.
That's probably a cup type BB? IF just the Ball Bearings were pad, it would be cheap to fix, parts wise. Chances are though, that one or more cups and/or the spindle is bad. Those parts are getting difficult to find and could EASILY cost more than a low end cartridge stle BB. Those require a special tool to install.
Crank puller- probably $15? (I paid $18 at the lbs)
BB tool- probably another $15? (lbs wanted $22?)

Then you have the rear wheel. Doesn't your bike have a 6 speed Free Wheel?

Thanks for the reply. The bike has a seven speed free wheel with a Shimano Altus derailler. I want to purchase a basic bike specific tool kit: e.g. Nashbar, Pricepoint, or Performance Bike tool kit.