Instructables

Step 3: Tools and Equipment

Picture of Tools and Equipment
Tools:

- bicycle repair and maintenance kit.  Should contain a chain whip, cone wrenches, pedal wrench, crank puller, a big *** shifter for headsets and the like. Other tools are useful like a spoke wrench, tire levers etc.
- spanners - spanner set is useful
- cable cutters - useful for cutting brake and gear cables on a bike
- file - filiing off metal ends etc.
- pliers - needle nose and solid are good.
- screwdrivers - stubby and long for leverage are good.
- allen keys - useful for adjusting derailleurs, gear cables, brakes etc.
- hammer - good for a bit of extra leverage (last resort)

Materials:
- RP7/WD40. This stuff is useful for getting rusted parts moving.  Don't be afraid to spray it, come back the next day spray and try again. 
- Steel wool - for removing dimples in a steel frame
- Wet and Dry sandpaper for sanding smooth a steel frame.  Various grades from 40 to 1200 are good.
- Steel brush - see rust, removal
- grease in a tube  - general purpose bike grease from a bike shop is great and will set you back $5-10.
- paint stripper - toxic fumes and nasty burns can come of this stuff. Make sure you are protected and read the instructions.
- safety gear - make sure you have got good gloves, eye protection and hearing protection. safety first.
- painter's tape - for masking off various sections of the bike prior to spraying
- rattle can paint spray cans- choose hard wearing paint like high-temp engine paint and grey primer.
- kerosene - buy the non-smelly stuff you will feel better.  It is useful for degreasing.  Pop the old crappy part in the kerosene and three days later it will be like new.
- replacement perished items - for an old bike this usually means a set of tires and tubes, bar tape / grip tape, and gear and brake cables, sometimes a saddle.  Keep your eye out on places like craigslist and ebay for some specials if you can wait and are on a budget.