One Spring Loaded Clamp - ~$5
1/4" Bolt - $.10
Two 1/4" Nuts - $.05
Accessory to mount flash (with standard tripod socket)

click to enlarge
The first thing that you need is to get a standard spring clamp from your local hardware store. I chose a metal spring clamp for its sturdiness and the fact that it already had a hole in both the handle and the near the tip of the clamps. This hole was conveniently just large enough to fit a 1/4" bolt. If the spring clamp you chose doesn't already have a hole in it, you can drill one. Obviously a plastic clamp will be easier if this is the route you have to take. If you are reading this article, chances are you already have a way to trigger your off camera flash. This means you are likely to already have an accessory on which you can mount your flash, probably with a tripod socket. Here I have shown two examples: the mount on a cactus trigger and a basic umbrella mount. The mount on the cactus trigger may not be the best option (due to stability), but it will do the trick if you need to use it. I bought the umbrella mount seen in the picture off of DealExtreme for ~$15 with an umbrella. It is significantly sturdier and has an option for tilt.
Total Price: ~$5 (if you already have an flash mount)
~$20 (if buy an umbrella mount an umbrella!)