I just bought a Specialized Allez Sport about 2 weeks ago and have become addicted to riding. Wanting a bike as a daily beater and to pratice trackstanding, my friend offered me his old road bike. I was wondering if it would be possible to convert it into a singlespeed and how much it would cost me. Any help is appreciated.

I converted an old Peugeot into what is now my fixie. It was pretty easy but it also depends on the type of drop-outs it has. Check out Sheldon Brown's writeups:
https://sheldonbrown.com/singlespeed.html
I've found all the info I needed on that site. -Will

they above link is pretty much all you'll need, but if your looking to trackstand, for a good amoun of time, you might want to consider a fixed gear bike. Not to say a ss ttrackstand is immpossible, buts it damn hard to get down.

thanks guys, i actually meant fixed gear.

Read this whole thing:
https://sheldonbrown.com/fixed/index.html
It depends on what kind of dropouts the bike has. It is a hell of alot easier to convert to a fixie if it has horizontal dropouts. It doesn't "need" them but it really likes them. The best is track ends but I doubt that they would be on a geared bike. -Will