Thanks for all of the responses.

Just as an update, I cleaned it a bit today. I took the rear wheel off and used some old RC Nitro fuel to clean and degrease the chain, cassette, and the crank sprockets. I then re lubed them with some light weight motor cycle chain lube (relax, it's only until I can get to the shop to buy some good chain lube) and put everything back together. It's not as free spinning as my wife's new bike, but then again, her's has about 60 miles on it, and mine probably has 3-4,000 so it's probably about right. I want to get some sort of a tool to take the cassette off so I can REALLY clean and re lube it, and also figure out how to take the crank out of the basket and at least re lube it if I can't change the bearings. If I can't change the bearings I guess I'll go till it gets a bit worse and replace the crank instead of just the drop in unit? Seems foolish to replace just that when I could get a whole new unit for just a bit more, and then I could rebuild it as well. That's what you guys are for, to help me make good decisions. Keep the thoughts coming I appreciate them all.

Is it ok to use WD-40 as simply a cleaning agent? If I was to spray it on the chain and sprockets, then re lube after I cleaned off the excess WD-40? I also took apart the sprockets on the rear derailleur, they weren't too bad, but they were getting a little rough. Nice and smooth now... What lubes/oil do I need to get from the LBS for overall maintenance? A grease for the BB, chain lube, and then random oil for the cables and stuff? Oh, and as I was cleaning everything I noticed that the chain feels a little loose, like it's getting worn a bit maybe... Is it worth getting a link to install for easy removal, or just run it till it craps out, and replace it with a good chain that has a link it in?