Same situation as me, buddy! I'm 24 and in the same position.
I just dragged my 1995 Proflex 855 out of the closet. I used to race NORBA, mount Snow, everything, every day, breathed mountain biking, untill I went to college in 1999. Usage kept declining, and in 2003 when I graduated college and got a job, biking basically vanished.
So, the other week I pulled out my old bike. Decided it wasn't worth it to buy a new one Iwould just fix mine up enough to get itgoing. I'm not sure what you want to drop, but I had a budget of about $300 to get it going again.
I needed new tires (dry rot) new tube, full tune-up (wheel true, deraileur adjustments) new brake pads, new chain, new suspension elastomers (the proflex ones die out after about 5 years). NOw, the bike is fun again! Still nothing like amodern bike, but I also won't be riding like I was when I was 17.
Good luck! Have fun!