I have always wanted to make a video on how to make a cheap steadicam. I finally got around to it this week. It's really easy to make this thing and it improves the shot by about 50% over just shooting handheld.
Word of advice about making this steadicam. It is very important to know the weight of your camera so you can counterweight it accordingly. Using 3 3/4 pounds like I did might work, but if your camera only weighs one pound, then it would be out of balance for example. The other thing is it's very important to use 1/4" 20 hardware. I can see it already, if one was to use 1/4" fine thread hardware, the camera won't be able to screw on.
Enjoy! And remember, keep that camera rollin!