Tools, Sharpening and Power Machinery - Compressor Question

I found an older compressor at a local pawn shop for a good price, However it seems to have a leaking issue.

I cant find much info on it online, And didnt find the model number while i was there...
But it's an "Ingersoll Rand Charge Air Pro" 3hp 115v with a tank about in the 20 gallon range.

They were asking $250 originally at the shop, but they put at it 50% off because it "Leaks Oil".
I looked it over and the oil seems be leaking from just under where the fins start all the way around. (See picture Below):
http://i22.photobucket.com/albums/b325/Aesthetikz/leakycompressor.jpg
Thats not the exact model, But its the same layout. (Basicly the belt cage is different).

Any idea if this is fixable? Would it be worth purchasing and trying to fix at $125? Should i just forget i ever found it?

Also, Does anyone know the actual cfm ratings for it? I heard it was in the 10cfm range max.

If the leak is from the base of the cylinder where it attaches to the crankcase then a simple gasket may fix it.

There is also a vent for the crankcase near the spot you highlighted.
If the oil is coming out this vent then the rings will be gone and the pump would need an overhaul.

The highest cfm rating @90 psi that you can get by a compressor on a 115 volt 15 amp circuit is normally around 6 cfm.
The amperage draw of the motor may give you a slight clue as to its output.

Might not be too bad a deal if it is just the gasket.
Maybe you could plug it in and see if air puffs out of the breather vent.