In reply to alone_withmyaxe:
You could only use it for abseiling or toproping for for a while if you trust it to do that. Then, when it is further abraded , start cutting it into chunks to use as 'tat'. Tat is old rope (or other disposable cord/slings) that is used typically as a loop on a spike or thread for abseiling from, but can be as replacement for a fixed runner. If there is a particular bit of the rope that is dodgy then cut that bit out and use other parts.
If you don't trust yourself to make this judgement then bin it or give it to someone else who knows what they're doing. This guy wants one:
http://www.ukclimbing.com/forums/t.php?n=590513
Cake
Post edited at 11:21