Another ~$5 shockmount option:
And not quite so ghetto.
I built a pair of these when I first started taping.
Without too much detail, the basic idea is to use PVC "T" connectors that you can get from Home Depot. First get a pair of the cheapest, most basic mic clamps from Radio Shack. Unscrew them to get them apart, ditch the clamp portion, and use the 5/8" female mic/t-bar mount portion. Take this to Home depot and pick up a couple PVC "T" connectors, where the RS 5/8" mount will fit pretty snugly into the bottom part of the T. I think the PVC diameter is 1 1/2", but I'm not sure at this point. Cram the RS 5/8" mount into the bottom part of the T and secure with epoxy. On the two top ends of the T, use a hacksaw to cut in four notches parallel to each other (two notches each side, straddling the centerline) across the opening of the hole in both the horizontal and verticle direction. Something like this as you look down into the PVC opening:
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Then stretch two rubber o-rings into the notches across the opening of the PVC, one horizontally, one vertically, making a checkerboard pattern with the o-rings across the PVC opening. Do this on both sides of the PVC. Insert the mic through the o-ring web, through the PVC, and through the other side of o-rings. You can make them a bit less ghetto by either buyng black PVC (if you can find it) or by spray-painting it flat black.
They work pretty well, and are pretty compact. And they're much cooler than those AT8410s that the masses use.
-Todd