Step 1: Materials and tools needed
1. Metal electrical box. You can pick this up at a hardware store. The one I am using is a square, deep-well galvanized box. It is a 2-gang size, 4 inches square, meaning that you could fit two standard switches or outlets inside it. The deep well holds the soldering irons at a steeper angle, but you don't necessarily need it for the holder to work. A 2-gang box means that I can have two (or even three) soldering irons stored in it, so if you only need one iron at a time, a smaller electrical box can be used.
2. A piece of scrap 2x4 wood, 3 or 4 inches long. This will elevate the soldering irons so that the tips don't accidentally touch the worktable.
3. A larger piece of scrap wood for the base. Mine is a piece of 1x10 pine.
4. Wood screws. The ones used here are one and a half inch deck screws. They just have to be long enough to go through your base wood and into the 2x4.
You will need a hammer and screwdriver to assemble this. In addition, I recommend a drill fitted with a screwdriver tip to speed up assembly.