I was familiar with the adjustable coolant hose systems used to spray coolant at cutting tools in the machining industry and thought that would be a great place to start. I ordered various nozzles and hose segments from my favorite online machine tool supply company and started experimenting. This is what I came up with. While it still has plenty of room for improvement it has served me well over the last 3-4 years.
These arms can be placed into pretty much any position and they will stay there.
Another nice feature is that you can make all sorts of attachments for holding whatever you need to work on. So far I've made a circuit board holder, a clamp, a mount for an LCD, and an extraction fan for keeping fumes out of your face.
All you really need are some simple hand tools, a couple taps, a drill bit and a drill to make the basic version. If you have all the tools you need, it can be made for $20 or less.