Replacing low end stamped brakes

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Is t possible to replace this type of braking system with something along the lines of a special road calliper and clobber an STI system with a travel agent on it? The wheel in question is a 26 inch one. Failing that, what other options are there to upgrade, without spending too much?

Here is a photo:

http://img261.imageshack.us/img261/9901/brakehi1.jpg

Buy a new set of forks with V-Brake mounts and fit V-Brakes. ;)

Any ideas for the rear drum brake?
http://img242.imageshack.us/img242/4633/rearbrakewy4.jpg

With decent V-Brakes on the front, the rear drum will be more than adequate. ;)

Have you thought of a fixed hub on the rear? :)

Yes, I would have no problem with it however the others in my family would definitely not like it :D.

I now plan to buy a 10-15yr old reputatble MTB and transfer most of the bits over...could do with a better wheelset here as well to replace these chrome-spoked junkers.