Ice bike (somebody above put up a link) and some other sites have directions for making your own studded tires out of old MTB tires. Apparently they work quite well and last quite a while. Google "homemade studded bike tires"

I don't have any experience in the snow to speak of, but common sense tells me the only areas to worry about (as far as damage) are unpainted, exposed areas of steel. So the chain, maybe the casettes and cogs (which I would keep greasy) and the bottom bracket and headset. I think the pam or whatever may be a good option to spray in and around the headset and bottom bracket.