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@rpm
1.
Plus sell your old bits.
If you want frame and wheels only, a pre cursa can be had for £200 frameset, you should be able to get wheels for £100 if you shop around.
Don't do '3' as you'll end up with something poorly made with bad geometry.
http://www.ebay.co.uk/itm/track-fixed-gear-frame-set-700CX48-50-52-54-56-58CM-/280502891655?pt=UK_sportsleisure_cycling_bikeparts_SR&hash=item414f467487
^My friend had one of those and although it's not the stiffest frame in the world he still did 11s flying 200s and came 2nd in the nationals b sprint.
However, don't expect anything cheap to last forever.