My fondest memory of the velo cheapo contest was Ivandarken 's $1500 PX-10. Velo-Cheapo gone wild!
I bought a Schwinn Traveller for $20 from one of the scavengers that travels the alleys around my 'hood. Dang nice paint, but the chrome fork tips are very corroded. Testors to the rescue! Gonna make a winter bike out of it. Need a theme. It's red. Maybe a Santa's sled winter wonderland elfin magic bike. Better get to work on it.