I have been looking to get a new IGH bike for awhile, but the prices for new bike are quite high. I saw this bike on Craig's List and thought that it could be upgraded with an 8 speed hub.

I remember working on some older Raleigh bikes and discovering different thread sizes. Could I fit a new wheel set on this bike? Would I be able to find a replacement BB?

I figure that it would be a good idea to replace the brakes as well. That would cost about 4-500 instead of 800.

Link to the bike:

http://stlouis.craigslist.org/bik/1309394060.html