I did mine really cheap – just got a gusset single speed converter, and a singulator chain tensioner device from someone on here and shortened the chain.
Something like this on your rear sprocket to make it look better:
http://www.cyclestore.co.uk/productDetails.asp?productID=13844
Or you can use the spacers from an old cassette to do the same thing.
Chain tensioner like this:
http://www.cyclestore.co.uk/productDetails.asp?productID=8823
And on the front just use some single chain ring bolts and remove the large and small chain rings. If you buy the parts above new then your looking at about £50 but put a wtd add in the classifieds and people may have what you need