+Valentijn - I never did anything with it in the end. It's still hanging on the wall in the garage, never got the time to rebuild it, esp since I didn't really want a single speed, and getting a new gearset on it would be too much work in a way.

Ahh, that's very good to know. Thanks for the heads-up!

Also, the point about making it a fixie first, and possibly later on adding a derailleur is absolutely brilliant. I love it so much, I'm going to do exactly that! You're a marvel, thanks a lot :)

Wow.. really. Thanks :) This answer is as pleasing as it is exactly answering the questions I had in mind (even if I couldn't word my ideas properly). While working on bikes is not a form of amusement for me right now, I'm pretty sure I would enjoy working on it, and trying to restore it!

@jason that's a very good tip.. I'll check eBay for basics like the wheels, and I guess I'll try repainting it myself. I've seen some instructions ages ago, and I'm not new to diy, so should be a fun weekend project :)

@freiheit well, I think most of the current parts are so old that I'll most likely replace them with new parts... especially the brakes! But at least I know it's not something otherwordly or stupid, thanks :)