You can make a handy single wine glass dryer from a coat hanger. This is a great space-saver and you can store them in a drawer when not using them. I hang mine from the pot rack.
Step 1: Get a Coat Hanger
Find youself a coat hanger. You'll want a metal one that's coated with plastic. The thicker ones will work better I think. I used this certain type that I found in the closet, but you could cut a different type to match the one I've shown here.
Step 2: Remove Any Clips, Etc.
If there are any clips attached, or other paraphenalia, you'll want to remove that stuff.
Step 3: Bend the Main Arms...
Next, start bending! For this step, bend the main arms together as shown so that they point in the same direction, about half an inch apart or so. Caution: only bend once (or twice at the most). The more you bend, the more likely you are to weaken or break the metal. Worst case: your poor wine glass takes a scary fall down the road.
Step 4: Bend the Ends Up...
Now you'll need pliers (probably). Insert the pliers over the end of each long arm until the wire is seated about an inch or so in the jaws of the pliers and bend up towards the hook of the hanger. Bend to a 90 degree angle.
Step 5: Bend Again...
Now bend again. Insert the pliers as shown and bend the 90 degree part back on itself towards the hook again (see image). This will trap the base of the glass inside the holder, so it can't slip out (because it's going to be swinging a bit as it hangs).
Step 6: Last Bend...
You may not need to do this depending on what you start with, and the size of the base on your wine glasses. I found I had to bend the ends up a little bit to give the base of the glass clearance to fit inside. You'll see what I mean when you make yours. I had to use vice grips because there was no place to apply leverage and the pliers kept slipping. Of course, you could also just trim a little off the ends as needed.
Step 7: That's It!
That's it - you're done. Try it out. You may have to make some minor adjustments.