No it will not come with the gear set, or the bearings for that matter, to install a posi PROPERLY you will need the posi unit, the outer bearing, and races, a carrier shim set to reset your lash. You can re-use your gears and leave the pinion in the housing that will leave your pinion depth intact, but if you change the gear set you will need pinion bearings and races pinion seal, and crush collar, and the knowledge and tools to rest your pinion depth ( or just re-use the shims and turn your radio up to drown out the whine from the rear end) The "3.24" is the axle ratio, the drive shaft spins 3.24 times for the axle to turn once. To make it simple say your car has 2.00 in it and at 55mph it turns 2,000rpms put in 4.50 gears and at the same speed it will now turn 4,500 rpms, the lower the number the lower the rpm the higher the number the higher the rpm at the same speed. ( I know these numbers are not exact for those of you that know the formula just giving an example)