It would take some considerable effort and parts - not entirely worth it unless you have access to a cheap bicycle boneyard. It is pretty much low-end, but it is great beater material.

Personally, I would not chuck it back out in the trash - I'd be tempted to shove some worthless spare parts on it to get it back up and running - either sell it on C-List for $25, or use it as a beater that you know nobody would ever steal...

-Kurt