does georgia even have a fighting chance against russia??
For limited time. Russia need several days at least to transfer comparable (to Georgian) ground forces to Ossetia. Also, several days to relocate additional aviation. Up to several weeks to reallocate enough ground forces to have any chance assaulting Tbilisi.
Even now russian forces in Ossetia are greatly inferior (in numbers) to Georgian forces.
correct me if im wrong but doesnt georgia use all old russian equimpment
Mostly, yes. But some of that equipment is upgraded with western tech - ex. SU-25 were upgraded with Israel avionic, T-72 upgraded ... forgot which help. Also were are a lot of western equipment there - UAV, comms, infantry equipment, APC, artillery, MLRS. Whole Georgian army is explicitly designed, trained and equipped by US instructors - even now up to 300 US military instructors were in Georgia.
P.S. Unconfirmed: Russian Navy "light missile boat" was engaged by 4 Georgian vessels and fired 1 ASM, sinking 1 Georgian ship.
Black Sea russian navy enforced blockade over Georgian ports.