It's not a bike that you'll ever use, but it could make someone else very happy.
There are a number of organizations and individuals that rebuild bikes for charity, some simply to donate, others as part of youth training programs. Ask at the local bike shop, school, church, boy scouts, dept. of sanitation (yes them, they hate scrap bikes and often will go to extra lengths to keep them out of the waste stream), etc. and they'll hook you up with an organization where your piece of junk will be a treasure. Unfortunately there's no national umbrella, so I can't give you any specific names, but here's
one organization in NYC.
Once you see how valuable your scrap can be I hope you'll go to the effort to find a good outlet for it.