A knee prosthesis, methods of implanting the prosthesis, method of treating arthritis of the knee, and a kit therefore are provided. The prosthesis answers many of the limitations of current knee prosthetic devices by providing a two-component (or alternatively, an optional three-component) device, as either a single structure, or as separate pieces. One of the components is constructed of low friction material, while the second is composed of a weight-dissipating cushioning material; the optional third component is constructed of low friction material. The prosthesis is initially attached to surrounding soft tissue in the knee by biodegradable sutures; it is held permanently in place by fibrous ingrowth into a porous collagen rim in the cushioning component. Major improvements provided by the present invention over currently available prostheses include minimal incisions, minimal or no bone cuts, minimal overall dissection (these improvements lead to shorter hospital stays and rapid rehabilitation and fewer potential for side effects), less prosthetic wear, greater longevity, fewer activity restrictions, able to be used on young, large, active patients, ease of revision, ease of conversion into a total knee arthroplasty if needed.