cnnrmccloskey

I recently received an older road frame (been repainted too many times to tell what it is) which I assume was a somewhat quality frame as there was a campy NR group on it before I got it. When I went to tear it down for an overhaul I noticed bulges in the top and down tubes where they meet the head tube. I'm looking for some advice as to if the frame is ridable and if any failure would pose a danger to the rider (who will be ~130lb)
I sanded down the area around the deformations and took pictures (low quality I must appologize I'll try and pick up batteries for my camera soon)
underside of the Down tube

side view of the top tube

top view of the top tube

that last one is probably useless I again appologize, any advice is greatly appreciated, I can take more of the paint off too if that will help

Live Wire 

Yes, the frame is severly compromised, and yes, it will break. When is anybody's guess.
These threads always have answers that range from "junk it now" to "ride it till it starts to crack".
It comes down to how you feel about putting that 130 pound rider at risk.

GrayJay

The frame is unlikely to just sudden break in two without warning and cause a catastrophic accident. More likely would start as a small crack of one of the effected tubes and gradually progress.
Not a good idea to put someone on it with little knowledge of bikes but it would probably be OK for an experienced rider who knew to routinely check for cracks and was aware enough to notice if it suddenly started handling funny.

fietsbob

You may not want to tear it all down clean and braze band-aide of more tube from a dead frame


over the weak spots, since there are oodles of 2nd hand bikes chaingeing hands in portland