Join Date: Mar 2007
Location: Lexington, KY
Bikes: Masi Speciale Fixed, Surly 1x1, 2 70's Bianchi folders, Swingbike, Columbia Cruiser 3 spd, Specialized Big Hit and P.2, Cove G-Spot, Xtracycled Bianchi San Jose.
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Well, unless you happen to have a frame with horizontal drop outs or track ends you will probably want to look into the magic gears mentioned above or you will need a tensioner. What I would do is go over to Sheldon Brown's site and calculate the gear inches of the ratio that you like, then find a magic gear calculator and find out what can be run without a tensioner, then compare gear inches to see how far off they'll be. If you find that they are too far off for your liking just go ahead and order a tensioner with the rest of your stuff. That takes of picking the gear.
As for what you'll need it really depends on how much of a budget you're on. Really the simplest thing to do would be order a cog and spacer kit (assuming you have a cassette rear wheel) and space it so the chainline lines up with your middle ring up front, then probably throw on a set of single ring crank bolts up front and take off the other two rings. Another thing people sometimes do is just grind the largest ring down some to make a bash guard. Shouldn't need a new hub unless you are just itching to buy one.