Well, it works NOW! - I removed the valve caps, sprayed a little penetrating oil, and rocked the crank back and forth for less than one minute, and I could feel it budging a little each time until she went all the way around!. I think a valve was temporarily stuck from the bike sitting indoors a few years.
So the lesson is: if the bike is not running, and the current owner doesn't know much about bikes - one can get a hell of a deal if one is willing to try a little elbow grease.
Six - Minneapolis