Although I am missing a few parts, I started putting the bike back together tonight. I was able to assemble the bottom bracket along with the front forks, headset and handle bar stem. Earlier today I ran across a great deal on some Oury grips for $5. I also purchased some single speed chain ring bolts so now I am ready to get to work on my custom modified crankset. 
Today I was able to get the remaining coats of paint onto the frame. I spent about an hour last night putting on the painter's masking tape for my Serotta "sprint" paint design. I am so glad that I spent the time carefully cutting and wrapping the tape because when I removed it after painting today, the job was absolutely perfect! I am extremely happy with the results of this paint job. This picture makes the blue look a lot lighter than it really is. It is more of a navy blue. Granted, it is not professional powder coating, but for an under $100, recycled fixie conversion, it is fantastic. Let me know if you need any tips on how to paint yours :-)
This is the first coat of grey paint that I sprayed over the white primer. It looks great! I plan to put a second coat on, remove the tape and then spray 2 coats of blue in the front creating what is called a "sprint" paint design. I haven't had much of an opportunity to paint because of the cold weather here but I hope to finish this up by the end of the Christmas holiday.
Alright. After overhauling the front wheel today, I spent some time priming the frame and I have to say that it looks totally sweet! I'm not exactly sure how long this took because I sprayed two coats in-between sledding sessions with the kids, but I estimate that it took about 2 hours. If you do this, make sure you wear a mask and spray in an open area with the doors and windows open as well. I opened up the garage and hung the frame from my garage door with a bungee cord. This worked great and allowed me the flexibility to spin the frame while it was being sprayed. This produced the required result - 2 nice looking, even coats of primer. I can't wait to get some color on this lean machine.
The weather here has been bad with windy and snowy conditions so it may be a while before I can get back to painting the frame. 
So, I went over to Recycled Cycles here in Fort Collins and I was going to spend $65 on a new fixed rear wheel. I found that I would need to replace the entire hub on the old wheel from the $5 garage sale bike so I figured I may as well purchase a new one that is more safe to ride. I'm so glad I met the guy I did. 
Last night I spent another 2 hours sanding the rest of the frame. This morning I spent about an hour cleaning the frame and wheels as well as removed the front forks. Once I get a hold of the right tools, I'll take the bottom bracket and cranks off so that I can finish sanding down there. For the most part, I am ready for some primer and a few thin coats of paint. I'm going for a euro style look. Any suggestions on colors?
This evening, I did some more sanding and spent about an hour and a half. I was able to use my elbow grease and remove almost all of the paint on the rear triangle as well as the vertical crossbar. This baby is really starting to sparkle! If it weren't for rust, I would brush in some detailed artwork on the chrome and call it quits. However, my ride would be ruined and rusty after the first day in wet conditions. 
I spent about 3 hours today removing most of the components, cable housings and cables along with some initial sanding. I was able to remove all of the paint on the top and bottom cross bars all the way down to the original steel frame. I found that I was able to sand away all the detailed areas around the bar fittings with a sanding sponge. 
Today is when it all started...I found this old 80's Ross road bike for $5 at a local garage sale. It looked like it had been through a war and apparently had been sitting in a garage for the last 20 years. I knew the minute I saw it that this would be my first single-speed, fixed gear bike build. What is that crap all over it?