Ok so I recently made a compressed air rocket launcher that was featured in MAKE Volume 15 (see link below). It's a really simple design and the rockets go extreamly high - so high in fact that you lose track of where they are! I've seen some really cool videos on You Tube where guys stick mini, and probably expensive, video cameras on rockets and film the rockets point of view. As i'm too cheap too purchase one of these, I decided to make one of my own.
The following is my attempt at building a "rocket mounted video camera"
First check out my Youtube clup below of the rocket with video camera attached.
The below is a link to make Magazine which ddescribes how to build a compressed air rocket launcher
There are also some good instrucables - just type in compressed air rockets
The Parts to build the Compressed air rocket are pretty easy to find - if you are Australian then I suggest going to Reece Plumming as they have virtually all of the parts needed. Bunnings also sell the sprinkler valves.
Also, the rockets are only made of paper and masking tape. Check out the web or instrucables on how to make some cool looking rockets