Well I've been getting an awesome response from people for my new Motorbike...thanks!
To answer some questions:
1. Yes Its registered, insured, and I have a clear title on it in my name.
2. Yes I've been riding it every day since I got it, its so much fun to just go tooling around. I've taken it up to about 50 mph so far, it can go quite a bit faster, but I think I need to take a safety class before I ruin both myself and my bike. Its not that big, only 175cc, but its got plenty of juice for getting around denver neighborhoods.
3. Yes it runs (see #2). it runs like a champ... I think it really needs the carbs tuned on it, and maybe some cable lube since it hasn't really been used much in the last 17 years (it was ridden about 35 miles in that time...). I think the guy I bought it from just kept it in his garage and polished it everyday for the last 17 years or so. I'm gonna work on the carbs this weekend...and hopefully not ruin it.
4. No its not PEE WEE's bike.