How is the spindle?

What sonatageek states is what I will probably do; explore getting a cartridge bottom bracket. However, if you are so inclined, you could try to smooth out the rough spots with say #0000 steel wool and some light oil and rebuild it. I would have replacement parts in hand FIRST. I would, however, consider re-greasing the rebuilt bearing assembly every 6-months while in use.

Mine on the other hand "ist kaput, ya?". Bottom Bracket Problem Slideshow by hecktg222 | Photobucket

http://www.bikeforums.net/bicycle-me...build-him.html