Is it possible to repair rusted cymbals and cracked drum sets? I have an old drum set I want to repair. I have not tried anything to repair it because I don't know and would like to know what I could do to fix it.
You can't heal cracks in cymbals, but you can clean them up if they're tarnished. They don't go rusty because they are made from bronze not steel. Don't use steel wool as you will scratch the surface. Instead buy and use a proprietary cymbal cleaner which will remove the tarnish without damaging the surface.
Cymbal stands and most other drum hardware are usually made from heavily chromed steel - so they should clean up nicely with a damp cloth or metal polish if it's really grotty. Threaded parts (the wing nuts and such that tighten drums and cymbal stands in position) are steel, so occasional oiling should keep them rust-free.
Kick pedals and high hat stands can be readily disassembled and cleaned up - you may need allen keys and spanners to do it but it is possible.
Toms and kick and snare drums can be disassembled easily and cleaned up. Sometimes the snare strainer and snare wires need some attention or replacement, but that's pretty straightforward.
Snare, kick and tom heads can be replaced easily enough.
Shell repair though (you mentioned cracks, but it wasn't clear whether this was in the shells or the heads) is probably a job best left to a drum tech - they have extensive knowledge and skills in this area.
For cracks, yes, you can repair them; but for keyholes no.
Of course the cymbal will never sound like it did but you can refurbish the cymbal into a smaller one, say a crash cut down to a splash is possible. I have done it, but you have to know what your doing.
Here is a link on how to repair cracked cymbals..