Thanks for the quick replies guyz, appreciated
First thing I should mention is that my machine is in pieces right now, but I know that the metal shop in my school has the identical machine (with some taiwanese parts instead of original bridgeport stuff) up and running. I should be able to get a picture here tomorrow or the next day. This way it will be much more easier like Bloy2004 pointed out.
HuFlungDung: Thanks for the welcome
Im not totally ready to dash out the cash in one straight motion and buy everything at once, but I believe I can do it in parts and put it together in couple of months rather than weeks. So, that won't be too much of a problem. That said, I still would like to be conservative and buy equipment that is more of a "bang-for-the-buck" type deal.
The size I gave 18x6 is the table size (which is cast iron, nice fine grey iron) not the travel size. The machine is about 6 feet high, its not a tiny thing, That will become more clear with the images that I will post I guess.
When you say variable frequency AC drive, I kinda get dazzled because although I know what that stands for, I need more specific recommendations from guyz like you. For example, tell me something like "go look at the bosch blah blah AC drive and check out the yaskawa blah blah drive"...cause I really don't know what I should be shopping for, thx
BIG AL: Thank you for the warm welcome

I understand where you are coming from with that example, but here is the situation: I can't really sell this machine, I was given this machine to work on by my school and to make it functional. So, basically they dumped it on me to fix it up and do whatever I want with it as long as it stays in the school. The school already has 4 full-size bridgeports that are functional and they seldom get used, but I do not really want to touch them because of in-school department politics. This machine has never been used, it is in parts because it was never put together when it was donated to the school from god knows who. So, my idea is to retro it into a CNC and use it to make stuff and teach ppl how to make stuff with it, maybe even teach a class on it

That's where I am coming from.
Thx to all and I will be coming back with the pictures real soon
Baris