A year or two ago, I was at Music Go Round and bought a crappy Kramer Focus 3000 for $50.

It was been butchered by a crazy guitar maniac, and may or may not have the original Kramer body. The paint was stripped and it was coated with some....wood varnish-ey type stuff, which has been scratched multiple times. The neck is loose and moves if you apply pressure. The single coils are not really attached to the body and start to fall out if you tip the guitar upside down....the humbucker (possibly a Schaller?) is rusted, but does not sound as terrible as the single coils. also, it apparently had a Floyd Rose or something like it at one point in time (still has the FR nut) but now has a Strat-ish bridge with no tremelo. Also the strings go straight through the body and into some weirdly spaced ferroules which I had to install when I got the guitar so the wood wouldn't wear away.

(sorry for the ****ty cell phone pics)

Anyway, it's basically taking up valuable guitar rack space atm, as I don't play it more than once every few months (it does have some awesome D'Adarrio .13's on it though)...There's really no point in selling it, because it's not really worth anything.

So my question is, what should I do with it? I have a little extra money that I could throw into it, but as I do not know much about the workings of building/fixing a guitar I dunno....new pickups, maybe? Would it be worth the time/money or is it hopeless? Any suggestions at all would be helpful.

tl;dr- I've got a ****ty guitar, what should I do with it to make it awesome?

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Invest in new pickups and some paint if you don't like the paint job. Maybe take it to a professional if you're uncomfortable with wiring diagrams.
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i'd buy it,

but if i was you, i'd restore that

i'd end up doing the same thing
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Any specific pickup suggestions? I play mostly metal.
Nerve threads decoding the stream of the reality-inverting revolution
The patterned untruth of non-dream:
The closed-eye
visual delusion.
Some Texas specials and an invader. **** yeah.

1) Take it all apart
2) Sand the whole this down.
3) Using dowels and wood glue, fill the ferrule holes in the body, the neck mounting holes in the neck and body, and fill any other dents/holes you need to. Make sure the neck and body match in terms of scale length and heel/pocket dimensions.
4) After adequate drying time, re-drill holes.
5) Remove the locking (Floyd Rose style) nut, and replace it with a standard nut. Keep the string retainer bar though, it looks cool.
6) If you need to, replace any hardware. (Do this before step 4 though, so you get the proper hole placements)
7) Now, with the new holes, the ferrules should go in nice and even/level/straight, and the neck should fit snugly.
8) Re-wire the whole entire thing. This is simple, and requires the following of picture diagrams from Seymour Duncan's website, and some knowledge of soldering.

If you need any help, or need me to elaborate on the steps, or I missed something, post here or on my profile, I'm always glad to help.
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In my opinion, as far as 'relics' go, this is just shite.
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ahh i was nearly finished this post and the computer dropped out...

Anyway, heres what i would do,
take it apart
sand the body down to bare wood
fill/ dowel all holes
get a tight block of wood for the neck pocket
reroute the neck pocket so its tighter
redrill the proper holes for your hardware
up grade hardware and pickups
Take the FR nut off and make a nut shelf
route for a normal nut
repaint the guitar if you want to
sand the back of the neck and oil it
if your feeling confident refret the neck or at least dress the frets
if you refret the neck, sand down all the **** on it
re lacquer it or whatever you want
chuck the new frets in
Put it together, and with a nice paint job it will look good as new