Grumpy Old Bugga
Join Date: Oct 2006
Location: Adelaide, AUSTRALIA
Bikes: Europa, Hillbrick, Road Chief, Repco Superlite (Ol' Rusty)
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As mentioned, don't buy from Walmart - you're giving away good money for rubbish.
However, if you were to buy a decent bike with flat handle bars and you wanted to fit drop bars (the curved ones like racing bikes), you may be able to use the brake levers depending on the diameter of the clamps. However, you'd be better off with racing type brake levers. Actually, you'd be better off again keeping the flat bars because the cost of converting will add up fairly quickly.
It's apparent you don't know a lot about bikes from your question. This is fair enough, we all started somewhere and we only know our own niche anyway. Go to a bike shop and get good advice on what to buy and get fitted to your bike properly. If your bike is the wrong size, you won't enjoy riding it. Getting the wrong bike and/or one that doesn't fit is the main reason people stop riding soon after starting so spending a bit up front can save you a lot down the track. There's nothing wrong with buying a bottom end bike from a bike shop to get started. If you stay with riding, you'll want something better but at least by then, you'll have a good idea of what it is you want.
Have fun mate. Bikes is good.