I picked up an old Bianche "limited" road bike off of craigs list. I've been riding it into work (about 3 miles) and as a general commuter bike. I am interested in converting it to fixed gear.

I've read the article on Sheldon Brown's site plus a few others, but it still isn't very clear what I need to buy inorder to convert my bike.

This is what I *think* I need:
* fixed gear hub
* cog for hub
* lock ring
* crank set
* chain

Is there something I'm not getting? What else would I need to buy?

Then, it is my impression, that I take apart my old wheel and use the spokes and rims to build a wheel with the new hub. Is this right or should I buy new spokes and a rim?. Then put on the new crank and slap on a chain. Do I need a new axle for the crank (not sure if that is the right term). Then I am done? Does this sound more or less correct?

I'm am also somewhat oblivious as to what sort of parts to buy. I am willing to spend enough money to get quality parts, but I don't need TOP of the line. Any suggestions?

I'll throw up some pictures of the bike.

Thanks for any help!