Here is a description of the parts of a bike, ie what everything is called. There are a host of resources on bike repair and maintenance out there. Ok, so you have the bike, you have the money and the vision to complete the project. All of these things can be fixed, but it may be uneconomical to repair them and the bike just won't be the same as if you waited to pour your energy into a dumpster bike that was a little less 'loved'. Look for things like cracks in the frame, broken spokes / misaligned wheel rims, dull sound when you hit the frame (structural rust) missing cogs on the derailleur, bent forks, seized crank or headset. Check the bike to see that it is in repairable condition. The money may be better spent on a new bike! What is the condition of the bike? This is really important. For a vintage pista or road racer, it might be worth spending a little money for a comfortable saddle, clip in pedals and bar grips. For a clunky commuter bike, you may just want to clean it up and spray it to protect it from rust. What is my budget? Another important question. It may be more fun to give the bike to someone once you have finished if you are short on space at home. If you would prefer your leisure time spent riding, then you may be better off buying a new bike. What are my constraints? You may be pushed for time / space / money. It may be your grandpa's old Cro-Mo racer which you want to restore as a moving heirloom. That being said, I have seen a beach cruiser been ridden in a triathlon before! Lots of people restore these bikes so that they have a cheap commuter that is not likely to get stolen compared to their snazzy carbon tri bike for the weekend. The frame size should fit you comfortably, and the style of bike and your use should be well matched.
Some questions to ask yourself: Why this bike? Check that the bike you have obtained matches up with how you will ride it. This will save you a lot of time and/or heartache in the long run.
Decide your reasons for doing this project. You may be able to barter for a friend's old bike eg. They can be left out with the hard rubbish, or people cleaning out thier shed, garage sales or antique / bric-a-brac shops. Old bikes that no-one wants are plentiful.
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