I had a bunch (3) of stitch-on bike rims. Not much good for anything else, so i converted them into this wetsuit rack. Or rather my friend Tim converted them. He's the guy in the photos.
Step 1: Hack saw the rims in half.
Step 2: File sharp edges off the rims.
Step 3: Bind the rim halves around a 1
If you haven't figured it out by now, old bicycle inner tubes (your local bike store will only be too happy to give them to you) are fantastic for binding and tieing things together. the high friction of the rubber ensures a really tight and strong lashing.
Step 4: Put a hook on the end of the wooden pole so you can hang it from the ceiling.
Step 5: Hang your wet crap out to dry.