Thanks to all of those who provided solid advice such as changing the seat post, bottom bracket, wheelset, and removing the cog and lockring.

Honestly, this is my first real new bike. I only had about $400 to spend on a new bike and I test rode a couple and the Rush Hour fit the best. I am mostly happy with my purchase. I only inquired about reducing some of the weight on the frame because I have to carry my bike up and down 4 flights of stairs to my apt every day. That is all. Nothing about any deluded idea that I can get this bike light enough to win any races without proper conditioning.

I am running single speed. No plans to switch to fixed gear any time soon. I AM RUNNING BOTH BRAKES.

If anyone has any specific examples of inexpensive bottom brackets or wheelsets or seat posts, I would welcome them.

Thanks