When you are finished, it will be just as strong as the $70 name brand Gorillapods, but will cost you less than $10... (Less than $4 if you already have the tape).
Step 1: Materials and Tools
small roll of Gorilla Tape ($5) (free if you already have some, or borrow from a friend)
1/4" x 2" Hex bolt ($0.19)
strong electrical wire (3 feet) ($1.07 / ft) = $3.21
I don't know what the specific wire I used for this instructable is called, but it has 5 wires inside, wrapped in a yellow cover. If you can't find this, just look for insulated wire that will be strong enough to support your camera. I prefer thicker wire that has rubber insulation.