Refurbishing a bicycle stored 7+ years

I just adopted a 10-speed bike a neighbor was going to toss out. It’s been stored in his garage perhaps seven years or more. Assuming it’s still ridable, how should I go about prepping it?
What should I oil, and with what sort of lubricants, etc.?
(It’s a Huffy Santa Fe. I don’t even know if they still make parts.)

Sorry to tell you this but unless the bike’s in excellent condition, it may not be worth restoring. Is this a ten-speed road bike with the curled racing handlebars? If so, there are bazillions of them on the market. Mountain bikes have supplanted almost all others and made their resale value plummet. You may be able to buy a fully operational ten-speed for less than $100.[sup]00[/sup].

Please detail the condition of the tires, frame, paint job and all that. If you are unfamiliar with bikes, here is a quick checklist:

Are the gears or the chain rusty?

Seen edgewise, do the wheels wobble when spun?

Is the paint chipped or the frame rusty?

Are the brake pads worn all the way down?

Does the bike rattle when you ride it?

Do the gears shift noisily while you pedal?

Are there squeaks or grinding noises when you pedal?

Are the tires worn out or flat?

If you answered yes to the majority of questions above, then you may be able to buy another bike for less than the expense of repairing that one. If you had latched onto a famous European brand of high quality, my advice might be otherwise. The one you are looking at is an ordinary bike and may not be worth restoring.

Clean it the best you can with a damp cloth (and dishwashing detergent if necessary). You can use any lubricant on the chain - even household or automotive stuff is fine, though some are more sticky and attract dirt. (Also keep in mind that WD-40 is not a lubricant.) If you want a more fancy lubricant my favorite is Boeshield T-9, available at many bike shops and marine supply stores. You can also lubricate the linkages for the brakes and derailleurs, but that’s about it.

If the bike requires more work to make it functional, then as Zenster said, it’s not worth the cost. But if you enjoy the work and want an excuse to learn about bicycle maintenance, parts are easy to find. Most of it is standardized, and while some are obsolete (your rear hub is probably narrower than the current standard, for example) the older type can be found on eBay.

On the brake pads and tires: it may not matter whether they’re “worn down” or not. From sheer age, the materials they’re made of have probably begun to break down, so they might fail very quickly. The rubber in tires, for example, eventually succumb to dry rot (I’ve seen this happen to car tires - plenty of tread left, but the sidewalls start to crack). For safety’s sake, you’ll probably have to replace the pads and tires.