I hope you understand that the conversion is all or nothing. If you strip the bike down (derailleurs and stuff) but for some unforseen reason, either technical or financial, the project stalls or fails, not only will you not have a fixed gear...but you won't have a road bike either. There are tons of failed fixed gear projects out there.

This is why people are suggesting that you just save up and buy a NEW $300 bike and save all of the questions, hassle, buying/borrowing tools, being without a bike for the days/weeks that the conversion is happening, etc...

You aren't the first guy to want to do this. Man, your bike isn't anything nice (no offense), I and a few others here are venturing to guess that you'd probably be happier on a new bike than taking the time and energy to make a conversion.

Understand that conversions were popular when:
A) Fixed gear bikes were expensive and sort of difficult to find.
and
B) Made from leftover bikes that, most times, weren't functioning. So, the conversion to a fixed gear gave them a new life.

But, being that:
A) COMPLETE fixed gear bikes are everywhere for CHEAP
and
B) Your bike is fine.

Why bother?