Thanks a lot for the help guys. I'll try and get a hold of some tools and I'll definitely check out the site. Here's some photos I took just to give you guys an idea of what I'm working with.
Btw, my Schwinn has a freehub so I assume it includes a cassette. If so, then it sounds like this project will be a lot easier than I thought...Just find the tools, take off all the crud and space out my gears correctly 52t-19t and trim my chain. It has a horizontal drop out so I just clip the chain accordingly and fit it in there snugly without the use of a tensioner?
http://yfrog.com/elimg7125j
http://yfrog.com/bfimg7122ej
A little off topic but,
Anyone got any tips on getting rid of oxidation? And what about paint? I don't mind using spray paint as an alternative as long as I can find some decent/reliable stuff. I'll probably do a White/Black/Blue combination or a Gray/Black/Blue combo and call it "Gray Goose".
I am still deciding whether I'll saw down the handlebars or keep it as is for the moment. I kind of dig it...