I am a fan of bicycle recycling. I firmly believe that if you have an old bicycle that you don't use, please donate it to your local bicycle recycling facility. Even if it is in poor condition or has a bent frame, it will make a good parts donor. I regularly volunteer with Western Sydney Cycling Network in their community cycling program, where I fix up donated bicycles and act as "sweep" on some community rides.
I picked up this bicycle a while ago, with the crank-set and all the rubber components missing. I put all new cables on it, and had it kitted out with wider drop bars and a taller stem for a short while. I thought of converting it into a single speed after the front derailleur mechanism was damaged, but I abandoned the project after I realised that it was not possible to fit mudguards.
So it was hung up in my garage until someone on my online forum, Bicycles Networking Australia posting an advert for a frame to convert into a fixie. I made an offer, and a few days later I took it on the train to meet it's new owner.
Here is the bicycle as I had stripped it down in preparation for single-speed conversion:
And here is it after sale and conversion to a fixie.