A build from frame will cost you more, with low end parts, than a decent fixed from BikesDirect.com
I built a fixed from a complete 1970's road bike and switched out the rear wheel, handlebars, chain, grips, seatpost, and a new rear tire. That ran me about $140 just to make it rideable as a fixed. It won't win any races or beauty contests though.
how much was the frame?