Discussion
Sounds like the perfect oportunity to learn wheel building to me 
I suspect it would work out cheaper to buy new "budget" wheels, but if the XT hubs are in good nick with good bearings then it would be a shame to not use them.
NOS rims (Mavic et al) often come up on Ebay at good prices, you could even keep an eye out for a good set of wheels with knackered hubs and build one good set from the two.

I suspect it would work out cheaper to buy new "budget" wheels, but if the XT hubs are in good nick with good bearings then it would be a shame to not use them.
NOS rims (Mavic et al) often come up on Ebay at good prices, you could even keep an eye out for a good set of wheels with knackered hubs and build one good set from the two.
Sadly probably not worth it - by the time you buy rims, nipples, spokes etc the bill will usually be higher than a factory built set - plus if they're old hubs, chances are your old XT trickled down to LX, then Deore and maybe even off the bottom (depending on how old is "old").
Last time I looked Merlin were selling a pair of Deore pre-built wheels for £80 for disc braked bikes, rim braked ones were even cheaper.
Last time I looked Merlin were selling a pair of Deore pre-built wheels for £80 for disc braked bikes, rim braked ones were even cheaper.
Cheers all. I really can't be arsed wheel building, I just want to get the bike working and start losing my belly 
Are these the wheels you mean? http://www.merlincycles.com/bike-shop/wheels/mount...
Are cassettes standardised fit? I'll need to find one to fit the hub and work with the old 8spd XT.

Are these the wheels you mean? http://www.merlincycles.com/bike-shop/wheels/mount...
Are cassettes standardised fit? I'll need to find one to fit the hub and work with the old 8spd XT.
Ordered the 505 wheels, new cassette and puncture proof tyres. Its an old 90's steel thing with v-brakes I bought on ebay, the amount I've spent on all these new bits means I should have just bought a new bike though. Usual story. 
I found cheaper wheels but apparently the cheapo hubs don't have extra seals (or something) meaning they self destruct when added to mud.

I found cheaper wheels but apparently the cheapo hubs don't have extra seals (or something) meaning they self destruct when added to mud.
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