An Italian "Ciöcc" road frame (Dedacciai alu) I picked up last summer for 40EUR from a web board.
Took a little while to compose it, but now it is finally ready to roll.
It is now a 7-speed road bike, mostly shimano equipped, front for 531 Reynolds steel. Chainring / cranks Miche with weirdish 116 BCD mounting -- I was lucky to find one 42 tooth chainring for the spindle (that's why there is only one ring in front) ;)
Rides very smoothly, weights under 10kg.