So I've been searching for ways to make my own power supply so i can stop using so many wall warts. I use alot of DC, i'm tired of 5v 350ma small fries.
I'm working on an ATX power supply but it lacks the compact portability I need in a simple power supply.

This cost about $5.50 with the step down transformer being the most expensive part.

Supplies:
Old power chord (free)
Step down transformer ($3.00)
Full Wave Bridge rectifier (50V 4A) ($1.50)
Glue
5V regulator (I used an L7805CV 1.5A max) ($1.00/3)
smoothing capacitor (I used 100 uF 35V (free))
wire (free)
And the essentials: soldering iron flux solder, electrical tape, heatshrink tube, pliers, lighter, ect.

Step 1: Setting Up the Transformer

Connect the AC input of the transformer to the power chord (put heatshrink tube on first reinforces the tape)
Wrap it in electrical tape
Shrink the heat shrink tube
Plug it in and make sure it has some sort of output, actual voltage out doesn't matter.

Step 2: Rectification Smoothing and Regulating

Connect the output of the transformer to the bridge rectifier, measure the output it wont measure a full 12V (the nature of the rectifier)
Also wrap the AC inputs in heat shrink.

Connect the regulator to your positive and base of the rectifier.
facing you left to right the regulator goes input, base, output

Attach the smoothing capacitor to the positive, and base. i'm not sure if this actually does anything in my circuit but the voltage comes out constant and it went under life test with no shorts or anything funky so i'm assuming it does work.

Secure, wrap and insulate everything.
Test it out.

Step 3: It Works!

It works at a 5v output, cool right? I think it is.

I'm not sure how this will work if it shorts out, it may fry the transformer.

Input voltage: the wall
rectifier: 4A max
Output voltage: 5v regulated 1.5A
max current: limited by the rectifier, and regulator, multiple rectifiers and regulators can be used just as long as the wattage doesn't max out your transformer

Some sort of heat sink is going to be instituted, probably some glue or silicone coating the rectifier and regulator.

Anything special I should know about this like if it's incredibly dangerous? or maybe that my capacitor isn't doing anything.
Thanks
This is only being plugged into a power strip that powers the lighting I use that's why i don't have a switch on the AC
I thought about a fuse in hindsights
Citations:

"Power Supplies." Welcome to the Electronics Club. Web. 16 Apr. 2012. <http://www.kpsec.freeuk.com/powersup.htm>.