I've got a 3 pickup (HSS) Peavey Raptor Plus, and the middle pickup (single coil) is all but dead (it sounds clean when gain is on 10 and dist. channel is on) and the bridge humbucker sounds staticy and weak on the clean channel (And therefore comes in weak on the distortion channel).

Amp: Peavey Backstage II 10 Watt

Cord is a brand new Livewire 3 ft. cord.

Any reccomendations on what I should do? I'm going to replace the guitar pretty soon, but not having a humbucker cripples the variety of tones I can create with this guitar.

Price range is low as I'm replacing it soon, and I'd prefer not switching the pickups (don't want to put too much work into a guitar I'm only going to be using exclusively for a couple of more months).
Have you checked the wiring, especially the "hot" from the pickups to the pots and the leads from the pots to the selector switch? I've never seen a cheap to mid-grade guitar that didn't have total **** for wiring.
Epiphone Les Paul Standard
-SD "Pearly Gates" bridge pickup
-50's style wiring
Digitech RP150
Boss DS-1 Distortion
Electro-Harmonix LPB-1 Linear Power Booster
Peavey Windsor Studio

= My amp on crack