So I'd like to start learning how to wrench. I was thinking about buying a Miata, but the funds just aren't there.
I thought about lawn mowers, but that's kinda of boring (unless your racing them).
Then I thought about motorcycles. I've never even been on a motorcycle, but now I'm thinking of buying a cheap pit bike to take apart and rebuild.
Any sage advice or wisdom?
Buy a set of wrenches, pick up junk from the trash to take apart. As you advance, put it back together, and throw it away again. You can learn quite a bit just taking trash apart. From lawnmowers to driers, and anything else.
OK. Learn me a good wrench set then. 
Dollar for dollar, a set of Craftsman wrenches are hard to beat. Yes, there are arguably better, but they cost a lot more. And yes, there are cheaper, but beware of low quality.
If you have no tools at all, and want to get started fast, get a complete set like this one from Northern Tool. Or if you can stretch it, something a little more complete.
Or if you're patient, you can get good deals on used tools.
But honestly, wrench on something that interests you, or you'll get bored and annoyed fast.
You didn't mention what kind of pit bike you would be interested in. The little B&G powered kind like this:
Or a Madass 125:
Or something in between?
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