What Ray said, but there is some hope if the bearings are salvagable and the rollers aren't too badly hour-glass shaped. You can do some reviving of the bearings by soaking them in WD-40 for a good while and working any rust off of them. If the rollers aren't too bad, cleaning all the wd-40 out of the newly de-rusted beearings and lubing them really well with 3-in-1 oil (or your favorite machine lube) will take a rough spinning ball a long way toward smooth operation.
Oh, and the ball isn't yellowed, it was never cueball white. They are "cream" colored.
Take a look at the rollers, if they aren't too badly concaved then go for it.