Done much better but still cheap... (Score 2, Informative)

I just purchased a book titled Killer Camera Rigs that you can build. Besides a stabilizer ("Steadicam") the author also has detailed plans and instructions for cranes, dollies, a car mount, and other rigs, all of which you can build with common tools and inexpensive materials. His stabilizer, for example, has a gimbal mount and is properly balanced, and still costs only about $50 to build.

As a bonus, he has a great sense of humor...