if its as rough as you make it sound, I think I'd strip it down to the metal, paint it any color you want and rebuild it from the ground up, using whatever of the original parts are servicable, maybe putting some new wheels on it.

thats this 7.2FX?
http://www.bikepedia.com/QuickBike/B...e#.ULZwAOTO0zw

thats a pretty low end bike.