A friend gave me this 1984 Schwinn Varsity the other day. He was going to take it to the dump but I told him I would take it. It's a nice bike but it falls into the Old Crappy Ten Speed - not worth it condition. It has an American Bottom Bracket which renders the drive train useless for a conversion. However, there are some nice parts that I will help rehabilitate on other bikes that I am working on.
My guess is this was someone's college bike. My friend from work said his wife picked it up at a tag sale for $10. Still, there's plenty of bits to salvage: brakes, chain, cables, housings, bars, stem, fork, axle nuts, seat, pedals, and reflectors.
Might even keep the rear derailer to see if I can cobble it into a chain tensioner.