How totally funny! when I first read your post, spoof, I said your friend got a good deal! The parts that are missing/loose/cracked all can be replaced. If all the seams are tight, and the ferrules are tight, you may be able to make a fine little rod out of it! It'll take a while (far from the instant gratification your friend will get just putting the reel straight on his rod), and with a BUNCH of patience, and probably some help from those on here, you'll have a great time with your pretty new-to-you rod!