Back In The Saddle
Join Date: Mar 2005
Location: Pacific Northwest
Bikes: Specialized Roubaix
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For starters, most surface rust can be cleaned off wd-40 and 0000 steel wool.
The green paint on the frame appear to be in good shape, so you can leave that alone for now and start working on cleaning and repairing the components.
It looks like it will need all new cables and housings. Tires and tubes are probably shot. And the pedals, chain, freewheel and dork disk are going to need a loving bath of oxalic acid me thinks. Do you have any bike specific tools?
In life there are no mistakes, only lessons. -Shin