You sir, are in luck.
I rebuilt mine about 4 months ago. Same color, same model. I was just chatting to Rover Eric about giving it to him when my twins are done with it.
You can fully rebuild that, and its worth doing. My kids love it.
I'd be happy to send you pics of how that front fork assembles.
here's the toy in action-
http://gallery.me.com/portergieske#100303/VID00037&bgcolor=ltgrey
I bought metal hubs with rubber tires from Lowes by taking the one that were shot with me to get the right size. Keep that seat, it looks good.
The pedals bottom out on the floor board if not horizontal, just an fyi.
The rear axle is shoddy, but you can shim it or figure out better way to have it meet up with the rear hubs. I used washers and split pins and nuts to get mine to be safe and useable.
High speed turns tip it over easy, so watch for that too. Other than that, it is all fun. I thought about hooking up electrics to it for a horn and lights, but bahh, why?
PM me if you need help.