Bought a 2003 Redline Monocog yesterday from a guy who really did only ride it once or twice before sticking it in his basement and forgetting about it. It still has the L and R stickers on the pedals. Little nipply things are still on the tires. Seems to roll OK and no noise or grind from wheels, headset, or bottom bracket. Tires look a bit dried out. That's the only thing I can see that would make me think this bike was a decade old.

For the mechanics: what's probably wrong with it? What would you do to it before you rode it regularly? What should I be aware of?

Don't hold back. I know my way around a crank pull and I've got a five pound tub of marine grease ready to dispatch to this bike's nether-regions.

Thanks for your insight.
Matt