I was lucky to come across this amp and buy it from a friend for only $80.
This is a Peavey Triumph 120:

It's 120 watts, 3 channel, Ultra Gain tube amp, made in USA.
It has 5 preamp tubes, and 4 power tubes, and a very large spring reverb tank.
All original with 12" Scorpion Ultra speaker (the magnet is big enough to eat dinner off of).
It has 4 and 8 ohm speaker jacks, so it is more than likely usable as a head with a 4x12" cab.
The only downside is that I don't have the footswitch for it. I have a newer one but the pin arrangement is different and I dont have the cable, so I'll have to find the right footswitch, or live with it being stuck on the ultra gain channel.
Now the sound...
I was VERY impressed. This amp has an incredible amount of gain, I've never owned a tube amp so I expected a mellow bluesy weak distortion, but this amp nails an 80's sound PERFECTLY, perhaps with an EQ running through it I could get a heavier/more modern sound.
I understand now why the sound of tubes are more desired, I notice that the distortion is very harmonic, and super sensitive to pick attack, with the volume rolled back and light picking, it's almost entirely clean.
I found one problem, and that is, it has one microphonic preamp tube, i'll need to replace it because when it's on, there is a high pitched hum.
This amp is definitely gig worthy, it gets very loud and with the right equipment, there's no doubt i'd use it for live playing when the time comes.
Cusp of Magic
New amp, and guitar on the same day!
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very nice dude! I want one of these pretty badly, I was definitely considering buying one for 150, You are pretty lucky to get it for 80 bucks. HNAD!
I'm just a kickin' and a gougin' in the mud and the blood and the beer.
I fixed the microphonic tube problem by swapping them around.
Now the only problem with this amp is somehow it cuts out in volume, which I have to crank it for the full sound to come back in and the volume function normally.
This may just be a tube problem, perhaps I should just replace the microphonic tube soon anyway.
Cusp of Magic
it could probably use a retube all around. and make sure that it isnt just the reverb tank, my amp was doing something similar and when i unplugged the tank, it was all fine. just something to check
I'm just a kickin' and a gougin' in the mud and the blood and the beer.
I don't even think I can use the reverb without the footswitch. I turn the knob and nothing happens, and I have unplugged it and that's not it.
How do I check the condition/life of the tubes? I did the tap test only one of the preamp tubes made noise.
Cusp of Magic
well the volume swell sounds like more of a power tube problem. honestly, i wouldnt know how to go about testing there condition, other than when you start having problems like that. Im sure one of these guys has more info, but honestly its an old amp, and Im assuming your friend didnt use it much, so a retube is probably something you will have to face, if not now than at least soon.
I'm just a kickin' and a gougin' in the mud and the blood and the beer.

Can you do clips? Interested to see what they sound like. Looks like a Bandit with valves.
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NakedInTheRain aka "Naked with shriveled pencil sized bacon In The Rain"
Never heard of this particular model, but if you can get a good tube amp for $80 then that's a steal!

Highway One Tele (w/Custom Shop 51 Nocaster pickups)
Standard Tele (modded to Nashville specs)
Reverend Roundhouse

Orange Rockerverb 50 MKI
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Jet City JCA20H

And pedals!

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How do I check the condition/life of the tubes? I did the tap test only one of the preamp tubes made noise.
That one may be overly microphonic. I'd buy a couple of preamp tubes. Like JJ's. As far as the power tubes go, there is no real good way to test them. When they die they die. Volume will drop off and then just no sound.