Converting a MTB to SS, need help!

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Hi all, I am just starting to get serious about cycling (I spend most of my time on motorcycles) so excuse my ignorance!

I have decided to convert my 23" Giant MTB into a single speed but I am wondering if the near-vertical drop outs will even work. It doesn't look like I have any way to adjust the chain. Any comments?

I will be buying a new BB, crank set and rear hub when money allows, but for now I just cut the chain down to fit one gear ratio. The chain seems pretty straight so I figured it would work (until the first ride when I found out the RR axle within the hub was bent :().

OK, here comes the lame question. How do I know which crank sets and SS hubs are compatible? Are there different widths etc?

Any advice would be helpful.

Nevermind. Just found the Sheldon Brown article!