Please don't strip it down and do the hipster single speed thing to it. That bike deserves better, even if it isn't a high end model, do some basic maintenance, have those holes that Styggno mentioned looked at first, and pop some fresh tires, tubes, cables and chain on it, look into some Kool Stop brake pads to bring that into better spec, and ride it as long as it fits you correctly. Not a whole lot of money needs to be spent doing this, elbow grease and a good manual would help you go a long way getting things sorted out.

See if your area has a bicycle co-op, they will be happy to help you get things in working order, and teach you something about the mechanics of your bike, as well.

BTW, welcome to the BF C&V Forum, too!!!

Bill