Bicycle Mechanics - Cheap Schwinn going to hell

When I was riding my cheap Schwinn all of a sudden this happened:

http://i647.photobucket.com/albums/uu199/dave1701_photo/100_4166.jpg

http://i647.photobucket.com/albums/uu199/dave1701_photo/100_4167.jpg

http://i647.photobucket.com/albums/uu199/dave1701_photo/100_4168-1.jpg

I don't know a dang thing about bikes, so I need some help. If you can't tell, the crankshaft thingy is sliding around from side to side, taking with it the sprockets and the petals. This is near 3/4" of play. Can anyone help me fix this? I need to go for a ride on Friday with my family.

Looks like the bottom bracket has either come apart or failed, unless you have the tools, you will need to take it to a bike shop to have a new one fitted. http://www.parktool.com/blog/repair-help/cartridge-bearing-type-bottom-bracket-service-bbt

More pictures:

http://i647.photobucket.com/albums/uu199/dave1701_photo/100_4170.jpg

http://i647.photobucket.com/albums/uu199/dave1701_photo/100_4171.jpg

What are the 2nd batch of photos showing that the orginals didnt?

Oh I don't know. I guess nothing. Excuse me because I'm not very smart, but you say the bearing is shot? What would a shop charge for a repair like this?

+1 the bottom bracket (bb) lockring looks loose, and maybe the bb is toast if you've been riding it loose for a while. I know from experience that if you don't have the proper spanner to tighten the lockring, you can never get it tight enough that it won't come loose again.

Just guessing off the top of my head, but maybe a new bb and installation at the store would be around $15-20 for the parts, $15 for labor? Pure guessing... When I had one replaced at my favorite store, they didn't charge me any labor but that's because I'm a nice guy. :)

u could tighten that ring w a screwdriver and a hammer but...

Well my dad was able to screw it back in with vice grips. I'll keep an eye to see if it gets loose again.

Sometimes the only tool to have is a pair of vice grips.

20:1 it's fine but the bearing needs to be adjusted and tightened into place. Don't ride it this way because you take a simple repair and make it much more expensive.

This can be done at home if you have the tools and knowledge. Given your lack on both fronts, I suggest letting a pro do the job. It's straightforward and shouldn't cost much at all, probably $10-15.

Is there any warranty on the bike?

Nope. This bike is 4 years old.