IIRC, it's got an ashtabula crank. That's bad, but not really a problem. You can get this adapter:
http://www.niagaracycle.com/product_...ducts_id=14342
That will let you put in a nicer crank and bottom bracket. I recently bought an Origin-8 crankset on eBay for like $40+shipping, and I'm pretty happy with it, but you can get a better one for more money.
Measure you chainline before you change the crank to figure out what size bottom bracket you'll need.