help bike experts. i dont get fixie stuff.?

Orange Biggums

New member
so im about to buy this bike
http://sfbay.craigslist.org/eby/bik/2029932848.html
it mentions that theres is no fixed cog or lock ring . im wonder what do they do and if i need them or not , what will happen if i dont add them, then also how much will it cost to get them , and once i get them is it easy installation or do i need bike tools. next, do you think this bike is worth 250, or should i bargain? thank you
ok from sf bay. idk why u guys are saying im in uk.
 
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