Okay let me see if i can organize this in a nice way lol.

I currently have a Eighth-Inch Scrambler/Nashbar/used wheel set bike. Now the stem/bars/seat post/saddle are all fine and dandy for me because I'm not looking to drop like all sorts of money on things i just sit on lol. What I'm more focused on; are things that spin. The hubs on my wheel set are unsealed bearing, crappy, "to get me by" hubs. I was looking at IRO's website and was thinking about purchasing their hubs and rims. Now I've never built wheels before so I'd probably taking them to my friend's dad who has a truing stand, etc. What sort of spokes and nipples would I need? I know they come in certain lengths and gauges but that's where my knowledge stops. I had to build my bike on a super budget, so I got the Nashbar special, lol. I got their cheapest bottom bracket, lack of funds will cause you to do so lol. Would it be a good idea to get a new BB? Will their be a noticeable smoother ride?

One more thing, what sort of grease do you guys recommend?

ps. If there was a thread here for all these questions just link me, I'd be more then happy to read up and learn.

EDIT #1: I also forgot that I have the worst pedals in the history of the world. Would it be a nice upgrade to get nice track pedals(all city or something) and Metal cages?