You're taking your life in your hands every time you go out with those steel wheels. In the wet, you might as well have no brakes at all.
But since new wheels will cost more than the bike is worth, you might as well buy new wheels with a decent bike attached to them.
RichC
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Training: 2002 Fuji Roubaix Pro (105 triple)
Commuting/Daytripping: 2001 Airborne Carpe Diem (Ultegra/XTR, touring wheels)
Commuting/Touring: 2000 Novara Randonee (Sora/Tiagra/LX, fenders, lights)