Welcome cheman6.
I see this stuff too often in the Omaha Ne area. As origionally installed it was probably good and still would be if it had been left alone or serviced by some one who knew what they were doing.
However 99% of this stuff has had many hacks trying to play electrician for far too long. Much of that wiring probably has deteriated to the point of touch it and watch the insulation fall away.
Best to replace the mess and be done with it. Trying to salvage this would cost more than replacing it and still would have problems.
[This message has been edited by nesparky (edited 12-23-2004).]
