Since this subject came up in another thread, how about telling us about your favorite "cheap" bike--cheap, of course is relative--where you got it, what you've done to it, and any special significance that it has for you. Pictures would of course, be great. I'll even start.
My favorite bike is a 1977 Schwinn LeTour, US built, that I bought at a garage sale for $2. So far it's been upgraded with a sealed bb, alloy rims, good hubs, 6 speed, leather saddle, clipless, and now weighs in just about 26 pounds. I like it because it's rugged as heck, smooth as butter, carries my weight without me worrying about it, but most importantly, it fits like it was made for me. I simply can't find a better fitting bike. Pictures would show a flaking, red bicycle, looking like it's worth $2 which is what I prefer. It doesn't look like it's worth stealing.
So, any other cheap bikers out there?