John,
Professional loggers refer to a tree like you described as a "widow-maker", because of the high liklihood that the large, dead limbs will fall and kill/maim the feller while he's cutting it down. The danger is very real.
You should think twice, and then twice again before felling it.
Pro's will use a bucket truck to drop the limbs first, and then the trunk.
I have a fairly high risk tolerance and am usually not one to pass up an opportunity due to a minor or manageable risk, but in this instance I would not touch it without topping it first, and I probably wouldn't even touch it then.
Depending upon what killed the tree, much of the wood may be unusable.
Usually when "opportunities" such as this arise, it's because the owner of the tree is trying to save themselves the cost of removing it - not because they want to do someone a favor. Removal of a tree like this would probably cost $600 - $800.
I could be wrong, and it may have the most beautiful wood in the world inside; just be aware of the risks before moving forward.