Thus, came the evolution of the 550 Clicker-Biner-Pen. Behold its glory!
Step 1: Gathering of Your Materials
1. A Clicker Pen.
2. 550 Cord (A.K.A. Paracord)
3. A lighter.
4. A carabiner (optional).
5. A keyring (optional).
6. Scissors (a knife, razor, light saber, anything to cut with).
7. Forceps (optional).
8. Dremel tool (optional).
Step 2: Prepare Your 550 Cord
Next, begin your Cobra weave. Personally, I like Paravival's Cobra weave explanation in their Instructable, so if you're unfamiliar with how to do this, please check it out. It's helped me greatly.
And weave until you run out of room... or 550 cord. If you run out of cord, you'll know to use more next time ;) Move on to the next step to finish up. The first one of these I made ended up being only about 3/4 of a pen's length, so don't worry.
EDIT: 1/24/2014 - I've recently come to terms with the fact that it's actually a nicer finished product if you remove the squishy rubber grip prior to weaving. During the weave it's a bear to contend with and it just adds a little extra bulk that I don't like.
Step 3: The Finishing Touches
Once done, add on your key ring, carabiner, or whatever else you feel you'd like to use to attach your new pen to your gear.