Now I must admit that I did not think of this myself exactly. There are a lot of Helping Hands ibles out there. What I did was I took three ibles, and took what I liked out of them and put them all together.
The three ibles that I am talking about are,
Improved GorillaPod Helping Hands Tool
Illuminated Helping Hands
For the first link I liked how a GorillaPod was used for the arms, The second I liked how there was three hands, and the third I liked that there is a LED to light up what you are trying to solder.
Step 1: Parts and tools
Block of wood (for the stand)
GorillaPod or a cheaper brand
3 alligator clips
2 bright white LEDs
100 ohm resistors
2.1mm power jack
USB to 2.1mm power plug
Epoxy and hot glue
Step 2: Take apart the GorillaPod
All you need to do is use some strength and pull apart the legs form the top part. Also pull off the rubber bottoms.
Step 3: The Base
Fist we need to drill holes in the wood base for the three arms. Mark where you want the arms to be attached and drill a hole that is just a bit larger than the base of the arm so it fits in.
Next fill the hole will epoxy and then place the base of the arm inside, support it with something so it does not move and let the epoxy harden over night.