Looks like part of your rear derailleur (hanger and top pivot) is still attached to your bike, it may be missing a circlip or something that holds it all together, or it may be broken. If you need a complete rear derailleur, you should be able to find one for $20 or less. The cables are routed wrong, the brake rear brake cable should go over the handle bar and behind the crank, use zip ties to hold them in place. Otherwise, the bike needs a total tune up, you need to check and adjust the hubs, bottom bracket, headset, spokes, etc. The tires and brake pads may need replaced.
It may seem you got a cold reception here, but I think it is just the voice of experience telling you not to waste your time / money on this bike, when there are plenty of quality machines available for $50 on CL, usually in much better condition.
What is that, a Fiat? Maybe a nice Italian bike...