I had a similar situation this spring when a very good friend gave me her 1992 Cannondale R500 that had sat in the garage since, well, 1992.

Not being a mechanic the first thing I did was take it to the LBS for a "Gold" tune-up. They got the cobwebs off, oiled the chain, retaped the bars and put on new tires because the old ones were "dried out and cracked" and generally checked things over. Over the next 750 miles I ended up with the following:
1) The brakes stopped releasing so I had new cables installed.
2) Both tubes blew the valve off (but that may be due to a bad pressure gauge on a cheap pump???)
3) The spokes on the front wheel loosened up and the wheel needed to be (re)trued.
4) Per suggestions from this forum I had them check the hubs, BB, etc... The mechanic told me they were "In good shape -- but very dry" (meaning the grease had dried up)...

At this point, the bike seems to be in very nice shape...