That's what I thought Alicat, but if you're got a buddy with a carbed car, or your next project car, etc. It's really difficult to tune accurately without a wideband. Ask some of the real hardcore racers on here, and they use widebands. (unless they're older than the statue of liberty, and they still read their plugs like true hardcore racers

)
I bought the summit house brand kit. Comes with a gauge and everything. I bought an a-pillar pod setup to put it into. Anyway, summits kit is $189 or so. The pod for the a-pillar was about $40 and i'm off to the races.
Demon355 - Yes, you can wire it up that way, but power should be switched so it turns off when your turn off the car. That's for a heated O2 sensor, and like Five7kid said, it's of limited use. Grab a 5 wire (ie. wideband kit) and use one of those. It's prewired up I think, so you still just hook up power, signal and the "brains" then just read the output signal with your gauge.