Started out with a '78 Raleigh Record Ace, with factory flat bars and steel wheels, and a Suntour touring grouppo.

1) Swapped out the bars and stem for North Road city bars and a riser stem.
2) Swapped the hard viny brooks for a B33
3) Topeak rear rack that needed some kludging
4) NOS Winmann 27" wheels.
5) Conti Gatorskinz
6) IRC 5sp mega-range freewheel and SRAM chain.

The bottom bracket went, and that's when I said "screw it" - I was having a hell of a time getting up the steeper hills on my commute with it, too. By now it was autumn. So I bought my winter-bike/daily commuter -

Electra Townie 21D, stock rack.

I meant to keep it stock, really, buttt...

1) 60mm stainless fenders from V.O. (Dude, these are sweet. PITA to mount, tho.)
2) Security skewers from same.

And now I've got the bug, looking to swap out the ape-hangers for the North Road bars, swap the trigger-shifters for friction thumbies or barcons, dump the cheapy sprung fork for a fixed fork, put in an SKS chainboard, upgrade the cruddy Shimano Tourney running gear to something reliable...

...and now it's spring, so I want to work on the Raleigh, too - beginning with a new BB and a nice Sugino or V.O. triple crankset, and a Nitto Noodle. It will never end.