Thanks for all the advice. I'm definitely leaning towards buying a new bike. I got my cannondale back from the shop. THey rebuilt the spindle, so I'll get some more use out of the bike. I'm going to start being a bit more gentle on the thing (and on my knees) by applying less torque.

I'd definitely consider going single speed since I live in Chicago and there are really no hills to speak of, however there is wind and that can be kind of a killer.

Do most people use beaters in the winter? In Chicago it seems kind of like a necessity cause of all the salt they use on the roads. This will be my first winter and I'm really looking forward to it.

Also, I'm sorry if I broke any kind of forum etiquette by posting elsewhere. I'm fairly new to the forum and I don't mean to step on any toes.