$15-Trek model 3-something mid 80's frame, painted blue with awesome stickers.
All parts are from the parts bins at the Bike Co-op at UCSC, except where I say otherwise:
$4 - parts bin seatpost. Who cares about seatposts on conversions?
$30 - Fizik Pave saddle.
$10 - used parts bin bb
$15 - parts bin crank. Really cheap ****.
$25 - MKS GR-9 pedals bought new at the co-op.
$100-ish - Formula to Alex Adventurer wheels. Built myself.
$10 - SRAM PC-1 chain
$18 - Dura Ace cog
$7 - parts bin stem
$0 - headset came with the frame/fork
$5 - flop and chop bars
$15 - tape
$6 - parts bin lever
$4 - cable and housing
$25 - Shimano caliper
$274 for the components.
$293 for the bike.