Bicycle Mechanics - Front Suspension Fork... rebuild or scrap?

Hey all... I have a question regarding a front fork. I got a sweet deal on a used MTB but the caveat was that the front shock is pretty much shot. I have not taken it apart, nor am I really sure what the issue is so I thought that I would seek some insight/advice before starting.

Here are the tech specs for the fork:
"Manitou Axel Elite, 13" & 15" frame - 80mm travel, 17-23" frames - 100mm travel, mag lowers, coil/MCU spring, adjustable rebound damping and preload, disc only, Cr-Mo steerer"

Here is what is does: It constantly bottoms out/is very soft, and the lockout is non-functional.

Now I am relatively new to the MTB thing, but not cycling in general; so I have some experience/knowledge behind me. That being said, let me ask you this:

1)Is it worth fixing, or should I just replace it? (what would be a good replacement?)
2)Is it a case of finding out what is wrong FIRST? Then decide on #1?
3)IF it can/should be fixed, is it difficult?
4)Could it be as simple as some o-rings?

Thank you for any and all help.

Be careful with a "good deal" on a mountain bike. Mountain bikes around here sell for next to nothing. So if your value meter is set based on road bike values, you would be surprised. I have bought multiple good mountain bikes for way less than $100.

Replace spring with heavier spring. Ebay or other internet bike sites will have springs.
Park Tool Website (http://www.parktool.com/repair/byregion.asp?catid=12&imageField2.x=15&imageField2.y=4)
'Buy another fork.

Be careful with a "good deal" on a mountain bike. Mountain bikes around here sell for next to nothing. So if your value meter is set based on road bike values, you would be surprised. I have bought multiple good mountain bikes for way less than $100.

Aside from the fork, it's near mint... no scratches in the paint, no cracks in the frame, retailed close to $1000 new (3-4 years ago) and was only $120. That being said I bought it months ago... I just want to get it in shape for the coming season.


Replace spring with heavier spring. Ebay or other internet bike sites will have springs.
Park Tool Website (http://www.parktool.com/repair/byregion.asp?catid=12&imageField2.x=15&imageField2.y=4)
'Buy another fork.

Thank's for the link; I'll check it out.

Replace it. Most of the mfg's only carry parts for 3 years. Or watch Craigslist for someone upgrading and selling theirs.

-Roger

Bin. Bottom of the range fork and not worth the parts and labour.