WARNING!
This instructible uses power tools and some techniques use them in ways they were not designed for, whatever you do is on your own this is just a guide on how I did it, I take no responsibility for what might happen.
Now that you have been properly warned lets go on....
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Signing UpStep 1Making the pulley
1.Cut a 2in circle from the MDF using a hole saw mounted in a drill press or a hand drill, you want the inside part that is being cut out so select a nice piece and cut it strait, if you are using normal wood make sure there is no knots in or around the piece you are cutting.
2.Get a hold of a bolt, some rubber bushings and two big flat washers, you will also need a nut that works with the bolt. It is a good idea to use a longer bolt this way you can mount it easily in the drill press.
3.Mount the circle you just cut out in step 1 on the bolt as shown in the picture below, don't screw it together too tight so that if it will kick back wile turning the piece will be able to slip between the rubber bushings. I had this happen to me a bunch of times and this helped a lot.
4.Put the whole assembly in your drill press and lift up the table so that the head of the bolt is in the little through hole in the table, this will prevent it from swinging sideways and with the table this high up it is easier to rest your hands on it while holding the cutting tool.
5.Cut either a V or U groove in the side and wile still spinning wrap a piece of sand paper around a round object (screwdriver) and sand the inside of the groove.
Congratulations you just made the pulley! There is also a great instructable on how to use a drill press as a lathe right here: http://www.instructables.com/id/Woodturning-with-a-drill-press/
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I made two of them, and think to do more. They are very useful, saving space.