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.
Step 2: Disassembly and Prep
Step 3: Cut It
Cut the clip so that you get rid of the side screw hole. Try to keep as much material below the screw hole as possible.
You could use a Dremel type tool to cut it too. I like a chop saw because it gives a straighter cut, and it's a chop saw!!
Step 4: Drill and Install Screw
Put a washer and then a lock washer on to the 1/4-20 machine screw. Screw the screw into the clip from the threaded stand side. Push hard as the screw will be cutting it's own threads into the plastic.
Step 5: Finish It Off
Glue the rubber washer on to the top of the clip with rubber cement. This will help prevent your camera from getting scratched.
I used a fender washer and a nut to help hold the rubber washer down while the glue dried.
That's it!! Impress your road buddies next picture time when you make everyones day!