I agree with the thoughts on your bike as it sits, save your pennies.

On that thought though, I would scour CL for a road bike to fit your needs. I bought my current road machine for $25, add in the $40 in parts I spent and I have a seriously good road bike. As long as you aren't looking for the latest and greatest, you can find some sweet bikes. Even if you want something newer, you can find people who bought more bike than they can handle and sell them for much less than they bought it, often at almost half what they spent. Keep looking, there are great deals if you look.