Basically you will be building up a new bike (frame, fork, tires, brakes, drivetrain, etc.). You can probably swap over your shifters and tires. This can be the most expensive route but depends on what you have lying around and how handy you are.

To save the most money find out what is wrong with the wheels on the Osprey. They simply might need to be trued. Problems with the pedal stroke may simply be the pedals. If you can't fix the problems yourself go to a LBS for help. Pedals and truing will cost approx $35.