I appreciate all the input! Sounds good then, I feel a lot better about it now. I thought I was swindled into buying a used bike that is a scrap of trash on two wheels.

As for security and protection, what kind of lock do you recommend?
I heard U-Locks offer good protection, but I'm not quite sure how people steal bikes now-a-days.
Don't they just remove the wheels or something?

The bike would have to be locked outside because we aren't allowed to bring bikes into our dorms.