You should decide how much you want to spend. Anything can be "fixed up" if you're willing to spend the money. A new wheelset should not be too bad, check Nashbar for their sale items, or even eBay. lots of riders upgrade constantly, and you can pick up the old stuff cheaply. Make sure your replacement wheel has the same/compatible gearset!
Other than that, if the thing has been pretty well protected, you may not need to do much. Clean, lube, make sure the headset is free and the brakes are not fossilized.