My LBS takes chains and used CO2 then goes to the metal recycler themselves. Easier than doing it myself even though I know they are getting money for it but I don't feel like dealing with it for a little cash. 
You could also degrease it and make a cool looking picture frame like Resource Revival does. That is what I did with one of mine.
Amanda
2011 Specialized Epic Comp 29er | Specialized Phenom | "Marie Laveau"
2007 Cannondale Synapse Carbon Road | Selle Italia Lady Gel Flow | "Miranda"
You don't have to be great to get started, but you do have to get started to be great. -Lee J. Colan