a few detail shots just so you know the folks who gave it away weren't completely crazy; it's rough, but certainly salvagable:
Somebody tried to cut the bottle mounts off with a dremel:
nice dent in the top tube:
looks like a bent hanger:
lots of missing paint/rust:
Still overall it has a lot of potential.
While I was working on an old MTB in the garage tonight, my 10 year old daughter asked what I had planned for "that old one" as she pointed to the Trek and I could tell by the twinkle in her eye she was mentally calling "dibs".
Steve