Wow! That's a lot of wool and a spinner's dream! After you sort it...now, there's a project good for several all day sessions..., then you might need to scour it to get "stuff" out of it. After that,you could spin it, depending upon whether or not it was spinnable from the locks, if not, then you'd have to prepare it for carding. Finally the fun part-spinning. I'd go for spinning it for knitting. If you have about three or four pounds of fiber resulting after it's prepped, you could spin for an Aran or Gurnsey. What breed and color is it? The really good thing about this is that it shouldn't go to waste! If it isn't suitable for spinning, then it would be suitable for felting and you could get some really nice hats from it.
eta: Fresh lanolin smells wonderful and it makes your hands soft and smooth!