Free is always good, if you don't want to invest a lot of money into it then this could be your practice work on bike. You might be able to true up the wheels with a spoke wrench and watching an online video? If the repairs you need to make are not costly to purchase items for it you could stand to save a lot by doing the labor yourself, plus you would gain skill and knowledge as a side benefit. Of course, that's only if you are so inclined to enjoy tinkering.

The bike could be kept for an errand bike or fix it up a bit so that it is functional and make someone happy by giving it away, who knows, you may inspire someone who can't afford a bike to take up the sport. Think of how that could change a persons life.