strip it down to the frameset, strip it down to bare metal, paint it with a couple of spraybombs, get a decent rear wheel (~$150), use the old bb if it's not munged up (see the next paragraph...), keep your bars & stem if you can. You might need to replace the headset if it's really bad, but chances are you can take it apart & clean/lube it.

Does it have a 3-piece crankset, or a 1-piece? (3-piece is where the drive side crank has a 3 - 5-pronged spider to which the chainring is attached) If it has a 3-piece, you're all set. Clean it up, decide what ring you want to use. 3-piece also means that it will use a different bb than an outdated 1-piece. If you have a 1-piece crank, you can just take off the front derailleur and carry the extra chainring around until you come up with a more permanent solution. The retail portion of Sheldon Brown's site (Harris Cyclery) has a part that will allow you to mount a modern bb in your 1-piece shell (which is larger than the bb shell of a frame intended to use a 3-piece crankset), if it turns out that's the type of frame you have.

Get a cog & lockring to go on your new rear wheel. Use Sheldon Brown's gear inch calculator to determine what size cog you need. about 70 gear inches seems to be a pretty popular number.

Shorten your chain, or get a new one. 1/8" would be better for a fixie than the 3/32" chain it comes with, IMO, so make sure your cog & chain width match up. As for the chainring, it's alright to leave that 3/32". Shouldn't cause any problems. My drivetrain is 1/8" with a 3/32" chainring, simply because I haven't bothered to get a new chainring yet.

Done.



make any sense?