The trend is to take remove brakes and
multiple gear mechanism from a bike, install a fixed gear cog on the rear wheel, and ride the original bike "
fixed." This is commonly referred to as a conversion. About two years ago I converted an old Peugeot as a fixed gear beater because it was simpler, less maintenance, easier to lock up, and I had the parts laying around. The PX10 was a very nice bike in it's day, sold as peugeot's top of the line racing bike.

This weekend I "
de-converted" my 1970's peugeot "conversion" bike to a cyclocross bike. I rode the horse trails in prospect park last night and had a blast. I even fell off once and couldn't stop laughing about the absurdity of riding a road bike on horse trails going at full speed. So I picked up some serious tread cyclocross tires and will try my hand at cross racing.

Despite having spent a lot of money on a new carbon fiber road bike recently, this is now officially my favorite bike.