My new project is to create a couple of fixed speed or single speed bikes for getting around and riding with the kids. I just bought these bikes of ebay for just over $20 each. I'll pick them up over the long weekend. After that starts the cleaning and fixing!
I'll be following some of the guides on Sheldon Brown's pages, e.g. http://www.sheldonbrown.com/deakins/how-to-fixed-conversion.html