Certainly - take it to your LBS, have them pull the hubs, repack 'em with fresh grease, and put in a new set of bearings. Have them do the bottom bracket and head tube while they're at it. Have new brake pads installed. New cables if necessary. Have the drive train lubed and adjusted.

Then get the bike properly fitted to you.

Ride.

If you're a DIY'er like most on here, then go for it if you know what you're doing. If you don't, get a copy of a decent bike maintenance book. I personally like Zinn and the Art of Road Bike Maintenance.

If you're just riding to have fun and/or commute, I don't see a real reason to get a new bike. If you're going to be competing or doing long distance touring, that's different.