I wouldn't throw it out without trying to fix it first.
Most of the machines in my shop are vintage ones that I rebuilt. Most started out as complete rust buckets that hadn't run in years. It could be a relatively simple fix. Does it blow the breaker instantly like a short or is it more like it hums first like it's trying to turn then blows? Does it feel ok when you turn it by hand? It's not impossible but most older motors are pretty hard to kill. I would check the cord and switch for loose connections or shorts, it could also be a bad start capacitor on the motor.
If it's American or at least not Asian made and over 20 years old you might take a look at OWWM.org. It's a forum devoted to non-Asian vintage wood working machines. The owner of the site doesn't want to clutter it up with discussions about modern Asian imports. There's also it's sister site VintageMachinery.org. It has a wiki devoted to general restoration tips and there may be a copy of your owner's manual there too if you don't have one.
Careful though, restoring old machines is a good hobby itself.
EDIT:
Is it like this one?
Replacing the motor on a belt driven machine like this is dead simple.
(Image taken from VintageMachinery.org)
Rodney