This could also be Titled "Show Us Your White Bikes".
I bought a 1970 or so Raleigh Sprite off eBay. It was my first eBay purchase and not a very good one. But anyways, it used to look like this:

more pics here:
LINK
I stripped all the parts and gave them away to good homes.
I got work rebuilding the bike and it now looks like this:
Sun rims, Harris hubs, Sugino RD crankset(48-44), Surly Dingle 17-20, Shimano 18T freewheel cog, Selle San Marcos Concor Light saddle, Kalloy seatpost, Cinelli stem, Nitto North Road bars, Panaracer Pasela 27" x 1" tires, SRAM chain. Paint job is shown in the "before" link; I used rattlecan laquer.
Yes, it's got two fixed gears and one freewheel. Chainline looks great but it's a bit tight in the rear dropout. Now that I've got the 44T ring up front, I'll swap out that 18T freewheel for something smaller. It was necessary to use a bottom bracket lock ring on the freewheel side to get a good chainline but the fixed side is fine.
I've got some Rivendell Silver brakes on order. They are their version of the long reach Tektros and I'll use some old school Dia Compe brake levers.
I've ridden the freewheel side up and down the street and it rides really nice but as you might guess it's not the most twitchy of rides. I used my shoe as a brake. Haven't ridden it fixed yet because I forgot to get a lockring!