Thanks for the replies so far!

Well, lets see. The bike is coming from a good friend so it is special mainly because of that. Someone said I should not spend money on it, because to get tires, tape, a tune up a saddle and maybe wheels and chain I could have gotten a newer low end bike.

The wheels that are coming with it may need a new cogset. Don't really need a saddle, just that the original owner said I might do a better with a womens specific.

I was told by someone at work that the bike isn't worth spending the money on. (But to me it is, simply because of where it came from).

I was told it was an entry level bike into the racing series? But I was also told it was just a run of the mill bike. I really know nothing. Sorry.

edit: I was typing this and posted before I saw Cuda's and Marineer's posts. Thank you!