What to do about first love

I just recently (two weeks ago) purchased a new baby. But now I have a problem, what to do with my first love. I don't want to get rid of the bike and would like to give him new life. He's a 1990 Diamonback Centurion Venture roadie. Still very functional as is. Steel frame, old shimano components, downtube shifters, 54 cm. I figure I have a great opportunity to learn a lot and still create a incarnation for the ole boy. I know very little about fixies, mixtes, or cyclocross bikes. Is a conversion to one of these reasonable? Lots of time, not so much $$$$.
Thanks for ANY help. I know you ladies will have great ideas.

Not sure about the conversion.....but...my first love is my commuter bike! I could never lock my new one up outside (much pricier)...so my old one gets me to school and work!

Ease of conversion to singlespeed/fixie is going to depend on the type of dropouts (rear wheel attachment). Since it's an older steel frame you have a reasonable chance of having the kind you need (horizontal, semi horizontal, or sliding), more so than a modern bike anyway.

A picture of First Love would be helpful.

Disclaimer: I've never actually converted a bike, but I've done a bit of research on the subject as I want a singlespeed/fixie myself.

If you do have the right dropouts it's a matter of picking a gear ratio that will work in your area and for you. I'd just talk to the LBS and then order from them if they have someone knowledgeable about singlespeeds and or fixies, the cogs themselves aren't expensive, so IMO it's worth paying for the expertise rather than having to buy multiple cogs to get it right. Sometimes you can use your existing crankarms/spider with the front chainring you need to make things less expensive, your LBS should be able to sort that out for you as well if it's possible (though singlespeed cranks can be had rather inexpensively as well). And, finally, a new rear hub/wheel which will probably be the most expensive piece unless you want to learn to build a wheel (then you can get a hub pretty cheap and rebuild using your old rim). Then you just take all the, now unnecessary, stuff off.

I think that would be a fun project. For other ideas, my first road bike is now my commuter.

If you're in a charitable frame of mind you could check out some of the neat youth organizations.

I was going to change my old TREK 1000 to a fixie... had it all priced and planned, then I read about (or maybe met a person at afestival thingie??) that worked with under-priveledged kids. They tought bike mechanics/bike building and the kids "earn" a bike.

Anyway, I got home and was looking at old Flash - newly tuned and taped, with "road-kill" barbie still strapped to the front from my last big ride. I decided that it would be a nice "prize" for some hard-working kid.

I took it to just such an organization - all I kept were the pedals. The guy who ran the place was overwhelmed and surprised by how good a condition my 1989 old friend was in. Flash has a new life... with a new person.

spazz