But really, come on: you can do better than this. Go find a real Instructable on how to make a cool iPad stand. This Instructable is really just phoning it in, I expect much better from you.
Step 1: Find a 50-pack spindle of DVDs or CDs
If not, ask your friends, they have one.
If not, go to your recycling center, they have one.
If not, go buy one.
Note: there are at least two varieties out there: one with tabs that slide into slots (see image), and one that's threaded and actually screws on. Find the kind with the tabs. You could use the threaded kind and it would work just as well, but you'd have to make your own notches, and who has that kind of time?
Take out the discs and throw them at your friends.
Note the conveniently located notches in the base.
Step 3: Insert iPad, enjoy.
Works equally well in horizontal or vertical orientation.
Now take a nap, you've earned it after all that hard labor.