Step 1: Acquisition
You need the following parts:
An old mic clip - preferably broken (recycle!) ask around at a sound rental company, or theatre, or you could buy (it's only money) one at radio shack or a music store, but you really should be able to get a broken one for free, heck the local bar that has live bands probably has one.
A 1/4-20 machine screw 3/4" long
A 1 1/4" diameter Rubber washer with a 1/4" hole in center
A 1/4" washer and lock washer **** Get the clip first and take it to the hardware store. The washer must be able to fit inside the part of the clip that normally threads onto the stand!******
Access to a saw and a drill (or drill press) with a 13/64" bit.