Step 2: Alligator Clamp Arms!
Take that bit that is the same size as the heavy gauge wire. Drill one hole in the left side of the 4x4 and one in the right. These holes only need to be about 1" deep.
Put a tiny bit of epoxy in each hole and stick two lengths of heavy gauge wire into either side.
Crimp/solder alligator clamps on each wire.
Now you have an awesome soldering station that looks a little bit like some sort of strange robot thing.
Don't forget to name your creation!