I'm a total noob on this subject.

I've taken interest into this wheelset;

Shimano WH-R501
WIELSET SHIMANO R501 10-SP 30MM VELG ZWART
Better Photo:



I want to build myself a proper Fixed Gear bike, I've got a frame and all that, but I'm not too sure on how to work the hubs?

Does anyone know if it's possible, and if so, how to convert that wheelset into fixed gear or know of a better wheelset with a flipflop/fixed hub in approximately the same pricerange?

No.

It seems like Scrogg's website has chioces in that price range that would be better suited.

The wheel picture you posted is of a front wheel.

Front wheel drive ?

I realise that. On the top link there's a rear wheel included. Its just the best pic I could find of one of the wheels.

I got similar wheels, and put them on a bike with a cassette though. You're gonna have a difficult time trying to figure this one out. Perhaps search specifically for singlespeed/fixed compatible wheelsets on Amazon or Bing?

If you're certain you will be using the bike as a single-speed, using a hub designed for that purpose is superior to cobbling up a single cog on a multi-speed freehub. A hub designed for single speed may have the flanges further apart than a multi-speed hub, making for a strong wheel. Some also accommodate a freewheel on one side and a fixed cog and lockring on the other, making it possible to switch between single freewheel and fixed cog simply by reversing the wheel in the frame.

I have those wheels on my BMC. They're not special enough to warrant such a conversion. You can spend the same money on fixed/ss specific wheels and come out ahead.

Yes. You could buy the wheelset, a fixed rear hub, and correct length spokes. You could then unlace the rear wheel and build the rim to your fixed hub with your new spokes. Finally, you could try to sell the take-off rear hub.

I think your idea is terrible. You're throwing money down the drain, especially if you don't build your own wheels. Perhaps this would make sense if you were working off of an expensive wheelset, but I see that the one you specified is only $120. You can easily end up spending that much to perform the conversion. I spent more than that on my rear hub alone when I build my last set of wheels.