You can definitely replace the components with current/better and probably be able to do so in the foreseeable future. If you really want to keep it, I'd suggest the following. Strip the bike, retaining the frame, fork, seatpost, stem and headset. Donate all the rest to a co-op or bike charity. What you have left is compact and easy to store. Spray the inside of all tubes with Framesaver (or Fluid Film from the auto parts store.) Touch up any chips that are to bare metal. Put some wax on the frame if you want or wipe it with WD 40. Secure some foam around the frame tubes and put those plastic spacers in the drop outs. If you have to keep it in a garage, basement, shed or attic, check it every year or so for rust. Better to keep it indoors. If you ever decide to ride again, you'll have to buy components and build it back up so you may not save much over a complete new bike.