Here's budget rebuild #2 of my wifes bike. Started as an early 90's Giant hybrid. Redid it once a few years ago and converted to single speed. This time it gets a fresh repaint, new saddle/seatpost, crankset (the last version I just cut off the inner ring that was welded on) bars, wheels (26" white cruiser), and slicks.
Ditching the singles speed/brakes for a coaster setup. She doesn't ride that often, and it was a cheap wheelset.
I'm actually ditching those grips in the pic and going with these instead:
http://farm4.static.flickr.com/3200/...8a7209c769.jpg
Color is Pistachio Green, and is actually a bit darker in real life. Satin paint with flat clear. This is a budget build.