So the keyboard simply looses connectivity? Can you tell if the computer is still thinking when it happens, or does the entire system lock up? If it's clearly JUST the keyboard and mouse, there are a few possibilities: the keyboard itself is bad, the connections are bad, or the keyboard controller is bad. I'm not sure how IBM does their keyboard and mouse controllers on their laptops, but I assume it's not part of the keyboard unit, which means if the controller is shot your laptop is shot, too, unless the controller is easily replaceable. If you're lucky, it'll be a connection or keyboard issue.
I'd start by cleaning the keyboard ribbon connectors. The keyboard itself should be simple to remove (look for screws on the bottom labelled with "K" or a keyboard icon or something like that--keyboard screws should be labelled clearly from the rest of the screws somehow). Once it's unscrewed it'll just lift out as a unit and you can disconnect the ribbons cables. Clean the connections with isopropyl alcohol, then reconnect and reassemble.
A replacement keyboard should be easy enough to come by. Try ebay if all else fails. With my old Dell laptop, I got lucky and found a bad machine (with some good parts) at a used computer shop and bought them "as-is" for cheap. Turned out the keyboard worked, so I got a nice deal.
AZhitman wrote:Not how I roll.
By that logic, I'd own 9 new cars and my old Datsuns would be scrap.
Old datsuns aren't made of super-integrated non-discrete parts like laptops. When parts on laptops fail, you usually can't just replace them. Unless it's a major individual component like the keyboard, monitor, or disk drive, it's likely going to be soldered to a PCB or integrated into the whole in some other way. Most of the time with laptops it's nowhere near as simple as buying a replacement part and slapping it in.