I was looking through a camera house catalogue dreaming about the equipment I want when I came across a 'Portable Photo Studio' for $199. Thats a lot of money that would be better spent on a new lens so I thought I'd try building my own collapsible light box.
Found this DIY one (http://www.jpgmag.com/stories/458) and based mine on this, however mine is all hand stitched instead of glued.
Total Cost: $12 (and a few needle pricks), but only because I bought some small wooden sticks to build a wooden framed one before I found this coat hanger version.
Here are some of the first test shots:
Now with some levels/dodge adjustments in PSE7