I got tired of my old 3'rd hand scratching up my circut boards, and that it only had 2 crocodile clips.
I then went to the equal of the "dollar store," and bought 2 3'rd hands. This is the end result a really nice 3'rd hand!

Step 1: What You Need

2 3'rd hands
Scissor
3 mm. ID hot shrink tubing
Heatsource eg. lighter / soldering iron

Step 2: Disassembly

Not to create confusion, as we got 2 3'rd hands, we will name them A & B

1 - Screw off the crocodile clip, on the opposit side of the magnifying glass, on A (pic 1)

2 - Screw off the crocodile clip, on the same side as the magnifying glass, on B. (I forgot to take a picture)

3 - Screw off the magnifying glass, on B. (I forgot to take a picture)

Step 3: Re-assembly

1 - Use the crocodile clip, the link and the part that slides on the rail from B (pic 1), to create your 3'rd crocodile clip arm that attaches to A (pic 2)

2 - Slide the 3'rd crocodile clip on A. (pic 3)

3 - Attach the crocodile clip, you took of A earlier, to A (pic 4)

Now you just need to add your hot shrink tubing to the crocodile clip tips.

Step 4: Hot Shrink Tubing

To avoid scratching/damage to curcuit boards, you can add hot shrink tubing to the tips of the crocodile clips.

You will need some 3 mm. ID hot shrink tubing, cut to pieces about 3 cm. long (pic 1)

1 - Put the pieces over the tips if the crocodile clips, and heat them. (pic 2 & 3)

2 - Add an extra layer of tubing, and cut it off. Leave about 0,5 mm. of tubing. (pic 4)

Step 5: Finished!

So you followed the steps, and now you've ended up with a really nice 3'rd hand, instead of the two shitty ones you started out with. Congratulations!

Step 6: Left Over Parts

Well, now that your finished you got some left over parts. Assemble them and you got an extra 3'rd hand. Offcause it only got 1 crocodile clip, so it isn't really that usefull.
It does make a great nerdy picture holder though :-)