I wish I had a before picture, but the bike was just so ugly (and I wasn't actually planning on doing anything to it besides wiping the dirt and spiderwebs off). So you'll have to settle for a picture from after I replaced the handlebars and seat. I have no idea how old this is, but it is a Murray "Sky Canyon", I'm going to guess early 90's because it looks like the bikes I had as a kid.
I sanded off most of the rust, and painted it with glossy black rustoleum. Then I found these old baskets from a previous bike, and painted them too.
If you don't look too close at the paint job (I brush painted it, too lazy to take it apart and spray paint), it looks pretty decent. Rides well too. And thanks to the baskets, I can ditch the backpack if I need to stop on the way home for groceries.