I need new cranks/bearings maybe (what is this bike?)

[zedsn]

I have this if you need it.

 

[SchwinnAgain]

WillWorkForParts is absolutely correct that your bike is a girl's Schwinn Racer and everything else about it, except that it is actually an earlier model than a '66.
It's a late '50, early '60's model, as the pointed front fender was produced up until '63, and girl's Racers were discontinued after '62. Also the welded in kickstand didn't apply to some bikes at that time and that included lightweights (the Racer was considered a "lightweight" by the company; by '66, almost every Schwinn bike came from the factory with a welded kickstand). They got bolted on kickstands.
And yes, I'd start with the chain before tearing anything else apart. It's dry and crusty, it's one of the cheaper parts to fix, and it might solve most (if not all) of your noise problem. Heck, it'll be easier to pedal.

 

[WillWork4Parts]

WillWorkForParts is absolutely correct that your bike is a girl's Schwinn Racer and everything else about it, except that it is actually an earlier model than a '66.
It's a late '50, early '60's model, as the pointed front fender was produced up until '63, and girl's Racers were discontinued after '62. Also the welded in kickstand didn't apply to some bikes at that time and that included lightweights (the Racer was considered a "lightweight" by the company; by '66, almost every Schwinn bike came from the factory with a welded kickstand). They got bolted on kickstands.
And yes, I'd start with the chain before tearing anything else apart. It's dry and crusty, it's one of the cheaper parts to fix, and it might solve most (if not all) of your noise problem. Heck, it'll be easier to pedal.

No wonder I haven't seen that many ladies' Racers.
I put 66 out there because the headset top nut looks beveled like the 66 and up bikes. Would be nice if we had a serial number to go off of...and a straight side shot of the bike...
The bottom bracket would still be the same thread size in the 50s, but the hex nut size and bearing cages changed in the 60s I believe.

Digging into the catalogs, 62 is the last year for the Racer ladies model. It's possible that chain guard with the indentations was last used in 62 as well. The CO-ED took over the Racer model number of R61 and had similar frame decals in 63, but it looks like the guard may have changed to the flat style then.