@Igo - I kinda do want a project, and the positioning options of drop bars.
I've never tried it, but I'm confident I'd be able to do it. I'm handy and mechanically savvy.
I figure I can sell my 2011 Rapid 3 for around $450, and then I'd probably have to add at least $300 ($750 total) for an entry road bike.
Or, I can spend about $200-$250 on components, have a nice little project (if my wife lets me!), spend slightly less, and have a slightly more "all-around" bike rather than a dedicated road bike (slightly more relaxed frame, wider/hybrid tires, steel fork). The rapid already has road gearing, dual pivot brakes, and 28mm tires (not road-skinny, but sportier than most hybrids), Shimano 2300 rear 8 spd derailleur, and Giant "sport" components which are found on their entry road bikes.