This is a quick, cheap and simple suspended light setup using some light sockets and chain.

Most, if not all of the items you can find around your house / garage. I actually just went out and bought the materials I needed and was able to stay under $40.

BTW...This my first instructable, just something I threw together last minute.
Next time I'll try to get more pic's for the steps.

Step 1: Material and Tools

Wire Stripper / Cutter
Electrical Tape
Pliers
Screwdriver
Soldering iron / solder. (Optional)
Hooks for ceiling. (Two or three needed.)
(1) Extension cord. (I used 14ga)
(1) Large loop chain, 10ft. (Got mine at Walmart for $10)
(5) Non-switched light sockets. (Got mine at Lowes, $2.50ea)
(5) Light bulbs of your choosing. (I used 60-watt Reveals)

OPTIONAL; I also used a "Lighten Up!" sunrise simulator. It's basically a programmable timer that at a certain time will slowly turn on the lights over a 30min period. With a combined total of 300-watts using the Reveal bulbs give off a good simulated sunrise for a dark room. I got mine off of ebay for about $25 shipped.

Step 2: Chain Setup

Cut the female end off of the extension cord and it's not needed.

Figure out the length of chain you need and where you want to mount the sockets. The chain links can easily be bent open to add or remove links.
I used 5 individual links to connect the sockets to the main chain.

NOTE; The chain shrinks once you put the extension through the chain due to the cord taking up slack in the chain. You may want to run the cord through the chain first while you measure what length you'd like. You can see how saggy my chain is without the cord in it.

Step 3: Cord Prep / Wiring

Cord Prep.

We will begin by cutting lengths of the extension cord. We need 4 lengths of cord to connect between the sockets. And we'll save what's left of the extension cord to connect at one end, for power.
Cut your 4 lengths of cord and make sure to leave extra. I cut my at about 2.5ft.
Strip all of the ends of the 4 cords.

Wiring

Start from one side. Take one of the cords and connect / wire it to the socket.
Now take the other end of the cord and start running it through the chain to route it to the next socket.
Now on this socket you are going to connect the cord you just ran as well as another cord. Each socket except for the the end socket have two cord (4 wires) connected to it.
Take the second cord and begin routing through the chain to the next socket.
This process is repeated until you reach you last socket.
On the last socket you will just simple attach what's left of you extension cord. This is the piece that you'll be plugging into the wall.

NOTE; If you have a soldering iron available you can tin the ends of the wires.

Step 4: Finishing Touches

Now we don't want any open electrical wires, so you'll want to either shrink wrap or electrical tape all the spots that connect to the socket.

On mine I just wrapped them with electrical tape. Kind of ugly up close but overall not to bad from far.

If it's budget permitting a fancy glass shade could be added around the bulb later on.