First of all let me point out that this $35.00 Western Royal console radio was broken, and in my assessment would cost more to repair than to convert into a classy good sounding radio.
I was at my local thrift store a few months ago and saw this radio, its case was not in too bad a shape, but when plugged in nothing happened. I talked them down to 35 bucks, and loaded it up. When I got it home and took the frame out of it, it was apparent that it had been on fire, and that most of the point to point soldered electronics were cooked. I then researched how much a fully functional one would be and perfect ones go for about 300.00 bucks.
So I decided to modernize it, but keep the old look, and make the old controls work a new radio. It needed a full make over and a revamp of everything. The original parts are the knobs, case, metal frame, dial and bezel.
After its conversion its an AM/FM radio with MP3 player, with Bose bookshelf speakers and 150 watts of power.
(2015 update: I also added an input selector switch to the back to choose from AM/FM and Bluetooth link to my iphone)
This instructable cannot cover all radio conversions for all models of radio's, but is a good starting point, its also a complicated build requiring you to think on your feet and come up with your own solutions, I will give you all the information I can.
On to parts and supplies: