John,
It would be fairly easy to do - it would not be the cheapest thing in the world, but definately cheaper than a new truck!
You probably need a 4WD tranny. I know the tail housings are different (to attach to the transfer case), but I'm not sure about the output shaft.
You need a transfer case - I would suggest finding a manual (vs. electric) shift - much easier to install.
You need a Dana 35 TTB from an Explorer - I'm not 100% positive the Ranger units are the same length. I think they are, but you need to check.
I'm pretty sure the radius arm pivots are the same, but have no idea about the radius arms themselves. I believe the radius arm mounting points (to the frame) are the same.
You will need a front driveshaft, and to modify (shorten) your rear.
I think the front coil springs and coil bucket are the same, also.
You might need a longer speedometer cable, since the hookup will be moved to the transfer case.
You need to check on the rear transmission mount - I have no idea what the 2WD mount looks like.
It is quite feasible, and should not be very difficult at all. I suggest figuring out how everything will mount before buying any new parts, though.
BTW, this would be a good time to install a lift. You have to rip out the suspension to install a lift, anyway, so rip out the 2WD and install a 4WD!!! Dead Link Removed
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Scott
sjbosso@mindspring.com