Originally Posted by
carleton
Bike parts are usually in the trash for a reason. I would suspect that if the previous owner thought that he could get $10 for that bike he would have, especially in a big bike market like Chicago.
Chances are that you found the reason why it's in the trash. The rattle-can paint job may be hiding rust or cracks. It's definitely gummed up your BB lock ring.
That being said, you need both tools in this photo:

It was found with out the rattle-can spraypaint... there is no cracks or anything and its in good condition
I've decided I'm goiing to buy a new bottom bracket.. I plan to take the bike to the LBS tomorrow and maybe ask them a few questions to figure out what size bottom bracket I need