I still need to do some work on this bike, but since I got it I have:
removed the BMX cog only to find out that the hub is set up to accept 2 coaster cogs and no fixed gear. Ick. I gotta get a new rear wheel. I took off the original handlebars and brakes/cables. I put on the bullhorns that Conrad gave me, internally routed the brake cables (through the handlebars, not the frame), put on the bar end brakes, added a water bottle, put on the tireflys, and wrapped the handlebars. I still want to get better pedals, which kinda means I need to ditch the 1-piece crank (which would allow me to get a better gearing)...but that entails new bottom bracket and new crank arms too. All of a sudden this bike I bought for $130 isn't going to be quite so cheap.