Ok, tool ate my 1st posting attempt; so, here is try two:
Seasoned forum members answer specific, researched questions more quickly/thoroughly than blanket, naive ones. (At least that has been my experience).
I can’t tell from your picture if your truck has coils or torsion bars. If it has coils – buy a new truck; the effort to remove the coil mounts and install torsion mounts to make it a 4x4 is not worth the effort.
If it has torsion bars; we’re still talking. Your truck is a manual, so a little different than the links RonD provided but read that link as it provides an excellent starting point.
IMHO: for all ‘98+ conversions: Get a ’99-’00 Explorer/Mountaineer for donor parts. (Staying returnless is far simpler than finding a ’93-’97 with return line and installing them; the installation looks cleaner to). And get the Ford manuals for the donor and your truck especially if you are going from 2WD to 4WD. They will save you from asking naive questions.
The following is kind of a staged approach that allows you to do about long weekend’s work; and have a working truck again for next week. It uses commonly available Ford parts for most part.
You can pull the front axle out of the Explorer and install it in your Ranger – just pretend you are doing a ’98-’00 vacuum hub upgrade:
http://www.therangerstation.com/tech_library/99hubswap.htm . Technically, you can do axle housing, left and right side axles on separate weekends (Just do both axles at same time, otherwise it would be really hard on differential).
For the rear, you don’t ‘have’ to replace your 7.5” immediately; but if you are going to run it hard, eventually it will give up. If you can weld:
http://www.therangerstation.com/tech_library/Explorer8_8.shtml . Otherwise, go to wrecker and get an 8.8” out of Ranger. (I don’t trust my welding; did wrecker, As I reused my existing brakes, cost was less than C note).
Pull the Explorer engine, and remove flexplate.
Find an M5ODR-2 transmission / transfer case BW1356 or BW4406* out of ’92-’08 F-150 with 4.2l V-6 or 4.9l I-6 or 5.0l V-8 (don’t get the 4.6l V-8 one). If you pick a ’92-’96 combination from a 5.0l equipped truck, you can get the pressure plate, and flywheel too. You could get the clutch disc too, but I would recommend changing it before putting everything into truck. So, much easier to replace outside the truck than underneath. I changed my pilot bearing too. Older combinations are much more likely to have manual shifters.
*The full size transfer cases will be ‘cosy’ fit within the Ranger’s rails – slotting engine mounts and easing engine/transmission slightly to passenger side is recommended. When you install the F-150 transfer case, the front axle yoke winds up in same position fore/aft as it would have been using a stock transmission/transfer case. But, you need a conversion u-joint to connect the front Explorer drive shaft. The F-150 transfer case is much longer and uses a slip joint. So, you will need to get the rear driveshaft shortened (~12” less than that of Explorer, with F-150 slip yoke on it). I would recommend a driveshaft loop as the front u-joint on the rear driveshaft is in a bad position relative to the fuel tank.
Bolt the flywheel/clutch/pressure plate/transmission/transfer case onto engine and drop in following instructions from tech forum.
Take PCM to local Mustang tuner and have them remove PATS. You should now be able to limp truck to the tuner where he can make it hum.
I’m doing a 5.0l to M5ODR-2 on my 2WD ’98. As it has coil springs, it needs custom engine mounts – available from Stradashop on RPS. I'm using '96 M5ODR-2 from '96 F-150. I like the wider ratio of the M5ODR-2 as it allows me to run higher ratio (lower numeric) rear end to get better mileage. In a 4WD, it would allow slower creep...
If I had an automatic; the 4R70W from a 3.8l Mustang, along with the aforementioned custom engine mounts makes a simple swap. (2WD Explorers with 5.0l being rare).
Don