it can be done. learn from my mistakes. i went with 2 new wheels, theres where i spent all the money. i bought a frame for 40 from this shop near me, i scavenged for many other things, like stem, handlebars, seat post, etc etc. but still dropped 400 almost. i got a new bottom bracket, cranks, pedals, and wheels.

talk to a local shop, talk to the guys in the service bay, from my experience, i've found them to be more down to earth, and willing to really help out. i got my tires and a bunch of other stuff too from working in the service dept. its a cool place to be.