How tough would it be to install a tremolo on my guitar?

I have a Squier '51 and obviously that doesn't have a "hole" for a tremolo...and it's just a regular bridge. So obviously I'd need a new bridge, and a tremolo...but how complicated would this be? Is it as simple as taking off my current bridge, and putting the other one together, or is it something I'd need to get setup?

I'm really interested in doing this, depending on the cost and how tough it'd be.

Thanks.