UPDATE WITH PICS SCROLL DOWN!

Hi,
im 17 and i just purchased this bike off craigslist for 40 bucks, it came with the seat post and the stem along with the fork.

MY GOAL
i want to make this bike a single speed that i can get around on, i also want to learn how to build it up myself becuase its important to me that i take away from it. I am broke so i am looking for cheaper parts and things that i can get locally or on the internet

THINGS I NEED!
Seat
Tires/Wheels/Tubes (complete set)
sprockets, cassette
Bottom Bracket
Cow Horn Handlebars, Tape
Crankset
KNOWLEDGE!

if you can point me to any places with a step by step to building up a single speed that would be great, i live in austin texas and if you have any old parts or think you could help me out with building it i would be more than grateful.

Everything helps.

i will be posting pics along the way as i build it up~

thanks alot!