In reply to Flinticus:
I think technically, it is theft. It is not your bike. The law provides for the assumption that you should be able to leave your stuff somewhere (provided you are doing so legally), and expect to find it still there when you return. Yes, even if you don't lock it up...
In the real world, if you leave a bike unlocked for more than a few seconds, no-one would expect it not to be stolen.
In the real world, people intentionally leave stuff on the kerb, or next to recycling facilities (bottle banks, etc), hoping the recycling fairies will take it away. I'm one of those recycling fairies...
My only qualms in this case would be that the bike is probably stolen and then abandoned, and you taking bits off it will prevent the owner recovering it. Not that there's realistically much chance of recovering a stolen bike; I only have a one in five record of doing so, despite having seen one of my stolen bikes a number of times around town, and finding the Police unable to assist. And no national scheme of bike registration and checking.