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mobile smartphone holder

I have been looking for a way to carry my HTC smartphone on my wrist so that I could see the screen.  As I ride a bike and go camping a lot I use my HTC built-in GPS.
So today after some searching, I found page phubby.com
This is exactly what I want. Unfortunately it is not sold in our country and I dont want to spend money on transportation. So I thought that maybe this wrist holder can be selfmade out of socks, stockings, etc.
Do you have any good ideas to make this and in what material?

youtube: http://www.youtube.com/watch?v=RwzX4k7TA6o