Well...in this instructable, this the cheapest ipod speakers you'll ever find.
Note: I found out this was on instructables already. But I dont think its practical. http://www.instructables.com/id/Low-cost-everywhere-portable-Speakers-for-every-MP/
Step 1: Step 1: stuff
1 piece of regular paper
1 pair of sizzers. =P
1 pair of earbuds that would be perfect for this instructable.
MP3 or ipod
2 mins on your hands.