Zastolye:

Got up early this morning and these photos
are the result. As you can see, this method of removal
requires that you either own or obtain a fixed cup
wrench (which by itself is a laughable POS) in the
proper size and shape for your particular fixed
cup. Its primary advantage is that it does not
rely solely on friction to transfer your torque
to the cup, so it works better. Also, all those
guys you hear *****ing and whining about how
once they got the cup out, they couldn't undo
the bolt should be happier with this (although
they will doubtless find something else to *****
and complain about - I know I do.)

With regard to replacement with a sealed unit,
if you don't understand what's involved in measuring
the various dimensions of your original BB spindle,
take it to your LBS or bike coop and get somebody
to explain it/ measure your original. Also, your frame
is old enough that the seatpost may be a straight
through tube and thus open to the elements. I usually
use a wine cork in this event. Insert from below and
tap into place with a drift or dowel.

Mike Larmer