Most of us like change. It is exciting and keeps us from boredom. We change the colour of our bedrooms, the colour of our hair and, yes, even the colour of our bikes. If you want to get rid of the strange '70s colours on your bicycle, do it with a few materials you can purchase at a hardware store. Remember to practice safety precautions as this process uses toxic materials.
Remove the seat, wheels and every other part of the bike from the frame of the bike. This will keep the stripping spray from damaging these areas.
Tape over any necessary parts, covering areas that cannot be removed but need no paint stripped from them. This will also prevent damage to those areas from the paint stripper.
Spray the entire frame of the bicycle with a thick coating of paint stripper.
Wipe the spray from the bicycle frame with an old rag after 15-20 minutes. The spray should have eaten through most of the paint on the bicycle. Make sure you are wearing a face mask and are in a well-ventilated area, preferably outdoors.
Use a brush attachment on your power drill to remove any excess paint from the metal of the bike. This will also make the bicycle shiny and ready for a new paint job.