Check to see that the motor spins freely. If the cord isn't exposed anywhere, and isn't too terribly crumbly, and you feel adventurous, you could try plugging it in. If it's not on fire by this point, turn it on. Don't let it run for more than one second, as the bearings are likely dry. If you've gotten this far, congratulations! It works. It'll probably need a complete teardown and any relevant maintenance, ie, replace the cord and any internal wires in bad shape, inspect the motor and bearings (oil them directly and through the oil hole), etc, etc.
If it's on fire, then you're in for a little more work.
You might want to plug it into a surge protector type power strip, one with its own circuit breaker. Plug it in while the power strip's switch is off. This way, you can flip it on and back off immediately if sparks start flying.