This is indeed a project. It is nowhere near completion... as you can see. Please enjoy the process along with me. Allow me to explain what I have here. First of all, This is the frame of an old Schwinn World Sport that I purchased from a fellow at University of Colorado in Boulder. He obviously spray painted it white and (unfortunately) replaced the fork with a cheap solid steel fork that is pictured below.
This fork is not an asset. Yes, it is a functional bicycle fork, but it is not a nice one. It probably cost $5 at your local rummage-bin, and that's not a deal.
Attached to the fork is a good brake caliper, which I will probably use, if I decide to put brakes on the bike. That may not seem like an optional thing to most people, but allow me to explain. This bicycle may wind up a fixed-gear bike. That means that it has only one gear, and when the back wheel turns, so does the crank (which is what the pedals are attached to). So, if it is a fixed gear bike, you simply need to slow your pedaling speed to slow the bicycle. That can, however, be difficult when you need to stop in a hurry, so I might add brakes anyhow.
For those of you that are interested, here are some more pictures of the bicycle in detail, with short explanations.
Finally, we have the rear drop outs (this is the part that the wheel "connects" to). Rear drop outs come in many different shapes and sizes. It is important here that the drop outs are horizontal. It is also common to see vertical drop outs, but for a fixed gear bicycle it is important to have horizontal drop outs. This arises from the dilemma of having only one gear. With only one gear it is unnecessary to have a rear derailleur (the part of the bike that moves the chain from one gear to another). You may notice, if you take a look at the bicycle sitting in your garage, that without the rear derailleur, the chain would just flop around. That is precisely what the horizontal drop outs fix. You can't always take up the slack by removing links from the chain. The slack, instead, is taken up by moving the wheel farther back in the drop outs and then tightening it up.
That is my project. I will be working on it periodically, and updating you on the progress.