I followed the most common advice, and just rode the bike, and invested in tools to overhaul the bike. I've overhauled everything but the headset so far. I cleaned and repacked the bearings in both hubs, the bottom bracket, and even the pedals. I soaked the freewheel in ethanol, flushed it with hot water, and flushed the water with oil. I replaced all the cables and housings, and wrapped the handlebars with new cotton handlebar wrap. I took off and soaked both derailleurs in ethanol, scrubbed them, rinsed them, dried them, and oiled all the parts that move. I took apart and cleaned the shifters, and greased them before putting them back on the bike. I soaked and cleaned the chain, and oiled it and put it back on. I haven't ridden it as much as I'd have liked to, because it spent a lot of time apart while I was waiting for tools to get to my house. After the overhaul, and adjusting everything, it rides like a dream. No noise, the shifting is great, and the tires are true. It's great to be able to do everything on your own bike. Now hopefully, I can do some overhauls on other peoples' bikes to make back some of the money I've spent on tools! I put some pictures of the overhauled bike, and the tools I've bought.

http://www.flickr.com/photos/69279243@N05/