I'll tackle this one
Well, it is going to be a bit tough to do what you want primarily because of the rear hub. Let me explain...
First, 5 speed hubs such as the one you have are largely obsolete. This means that it will be VERY unlikely that you'll find a hub (if you are willing to rebuild the wheel) that will have both sides threaded which is what you'll need to do a flip-flop. You MIGHT be able to find a BMX flip flop hub with threads on both sides.
There is the possibility to update your bike to have an 8 or 9 speed hub which would give you a freehub on one side and threads on the other to mount the fixie, these are quite expensive, perhaps $200 for the hub. The problem here is that you probably have 27" rims which are also obsolete so a custom built wheel will be a requirement... building the wheel using your old rim. Figure $60 or so plus spokes for that.
So, here is what you'll need IF you want to do the upgrade:
- a flip flop hub with freehub on one side and threaded on the other;
- a single speed freewheel with appropriate spacers and an appropriate cassette (to replace your existing freewheel);
- a new chain
- new shifters (if you want to keep the multiple gears);
- new front and rear derailleurs (again, if you want to keep the gears);
- new crankset (sprockets are too wide to handle the new chain);
You'll also need to have the frame spacing reset since the new hub is wider than the old one. This is something you can't do at home.
For tools, you'll need a freewheel remover, a chain tool, the appropriate wrenches to remove/replace various parts (mostly screwdrivers and metric hex keys), and possibly some dedicated crank tools such as a puller.
Doing a quick estimate of just the parts to accomplish this, assuming you can use a BMX hub with threads on both sides, will be in the neighborhood of $500 plus labor. Worst case if you decide to go to 8 or 9 speed would be over $1000.
Not what you wanted to hear, I know. Sorry.
