No this isn't an instructable for the 1394 i variety, its much more fun then that. I love this project because its simple, cheap, easy to make, relatively safe, impressive, and fun. Odds are you have the materials lying around your house already. My only complaint is that it only lasts about 10 seconds, but its so cheap and easy to make more, thats not really a problem.
Step 1: Parts
1. Fine steel wool
2. Wire (I used the left over magnet wire from my tesla coil) Any type of wire will do as long as its about 3 feet long and strong enough to be spun in a circle.
Step 2: Assemble
Unwrap the steel wool then wrap it again to get it spread out.
Wrap the wire around the center of the steel wool, and tie it on.
Give it a few practice swings in circles to make sure that the steel wool is secure.
Step 3: Light
It has a better effect at night but works fine during the day.
Go outside and make sure there is nothing flammable around you.
Make sure that there is nothing in the way of any tangent line to the circle that will be created by swinging it around the steel wool around. This just means to make sure that if the steel wool flew off the wire, at any point, it wouldent hit anything.
Light the steel wool, and swing vigorously in circles. It should spray off sparks for around 10 seconds.
Put one in each hand.
Tie multiple steel wools to one wire.
Spin horozintally over your head.