An incredibly easy to make stylus and if you have most of the material's, a cheap one too.
Step 1: Parts and Tools
All you need for this is:
Steel Wool (I used Liberon Grade 0000)
A Pencil ( one with a rubber at the top) (that's an eraser for Americans)
And you need something to cut the Steel Wool and something to compress it into where the rubber usually is.
Step 2: Cut the Steel Wool
Cut what you think you will need an then some, unless you have a small amount ( I had an entire 100g pack) this is not a problem.
Step 3: Prepare the Pencil
Simply pull out the rubber on the top of the pencil.
Step 4: Finish Off
The last step is to put the steel wool into the part where the rubber (eraser) was. Use something to compress the steel wool into it. You should get a small amount of Steel Wool protruding from the top. Congratulations, you've done it!
Step 5: What Mine Looked Like
Just a few images of what mine looked like. Notice the protruding Steel Wool at the top.