Build virgin, friendly advise needed please

hi im new to this fixed gear bikes and have got hold of a old peugeot racing bike carbolight 103 tubing steel i want to make it into a fixed gear but have no idea what to do or where to start also id like to do it cheapish and hassle free any comments will be appreciated

Find a lake, then throw the frame into it. Then run naked and wretched through the streets of London screaming incoherently and self flagellating with an inner tube.