Thank you all for posting a lot of helpfull information in this forum. I have been reading a lot of topics in this sub forum and that has helped me a lot to fix my bike. The posts in this forum have given me a a lot of insight on bicycle repair and maintainance. The posters in this forum take the effort to show the right tools and how to use them.
With a bit of help and a bit of explanation bike repair is not that hard. I bought the basic tools then I replaced the BB, the cranks (kept the pedals) replaced the chain and cassette. Adjusting the derailleurs is also very easy once you know what to look for. This worked out very well. I do have the luxury of a really nice LBS around the corner that will help me out when I do make a mess.