I picked up a 200 frame for a song, a few years ago, and built up a beater "ramprat" to ride at the airport. I'll admit not much of it's original anymore, but it's great fun to be-bop around the airport and downtown.
I slapped on 700c hoops with Panaracer Pasela TG tires, longer reach brakes to fit, a new handlebar setup, and some LX mech parts from a $20 thrift shop Giant, a tensioner and spacers to remove most of the cassette gears. It'll probably spend some time clamped into a stationary trainer this winter.