How bad of shape is it in? If it runs from point A to point B, it may be worth investigating if a local title person can help you obtain the title to sell.
I've bought a few cars to flip without the title. There's a guy here that specializes in getting all the paperwork done, and usually can do it for about $100 a vehicle, and you will get a replacement title. I'm sure with the old registration and paperwork, it wouldn't be too big of a hassle. If it's worth looking into, call a used car dealer and they can likely refer you to someone that can help.
Give it a good cleaning, maybe a tuneup, and you could make some money off of it.
If it's in really bad shape, like slung a rod, eh ... post it on craigslist and see if you get any takers As-Is? I believe each state is different on how to prepare a bill of sale with no title, so I'd be extra careful of writing one out.