After digging through some boxes I found an old book I had laying around. It turns out that the hard-backed book could not have been a better size. With the pages and binding removed it fit perfectly around my Kindle. Now I just had to figure out how to secure the Kindle to the hard-backed book cover.
First of all I wanted to access not only the charging/data transfer port and lock/unlock button, but I wanted to be able to click the page forward and page backward button while the device was in the case. I also wanted the device to be easily removable so super gluing the Kindle directly to the book cover was out of the question. After tossing around some ideas involving straps at all four corners I took a look in the original packaging that my Kindle came in. And there was the answer!
When you get your Kindle (assuming you buy it new from Amazon) it comes sitting in a semi-hard paper-like cradle that is formed to perfectly fit the Kindle. All I did was cut it out of the rest of the packaging and do some trimming around all the ports/buttons. I then reinforced the paper-like material with an epoxy resin. The end result is a perfectly shaped cradle for your Kindle. Next I simply glued the paper cradle to the inside of the back cover of the hard-backed book. Let the glue dry and there you have it: a free/cheap/personalized/cool/etc. Kindle cover.
On a side note- When the binding and pages are removed from the book it may leave the hard-backed cover kind of.... loose. I added a wooden spine to the inside just to help stiffen everything up. I also plan on adding a strap of some sort from the rear cover to the front just to keep the book from opening unexpectedly.