The supplies I ended up getting:
3 x screws to hold things together (2 long and 1 short)
1 x key chain beer bottle opener (lol) or something comparable(whatever works and fits your iron!))
1 x small piece of 2x4 (about 10-12 inches long for my specific soldering iron)
1 x sponge (We got a pack of 12 for $1.50, they are the ones to clean your dishes with, I cut it in half as that was all that was needed)
1 x flat piece of scrap wood (not sure what the wood type is, but it's thin and worked for my purposes)
1 x screw hook
I was going to glue/screw the sponge to the board but decided against it, I prefer it being a separate piece so I can wet it individually and easily replace it.
I screwed the base to the 2x4 with a couple screws
I screwed the bottle opener through the keyring hole that was already on the opener to the top of the 2x4
I hand screwed the hook screw after holding in place with the iron sheathed [ yes, sheathed =) ] to ensure it fit well
The base acts as a drop zone for solder, and I just wet the sponge whenever I need it.
The screw hook does heat up, but I don't leave the iron on for more than 15 minutes so I'm not concerned, but most certainly use caution and common sense if using wood for this, don't let the iron touch the wood, avoid letting the iron stay powered on for (in my opinion) any longer than 15 minutes.