A long camera strap is great for carrying a camera hands-free, but if you're more concerned about dropping your photo rig, Photojojo's got a cheap and customisable hand strap anyone can make.
The materials are fairly cheap and accessible at your local crafts or hardware store. Find a good piece of one-inch-wide nylon or polyester webbing, a few bits of miscellaneous straps and slide hardware, and find a needle and thread and a match, and you're on your way. If you wanted, you could likely use the hand strap in conjunction with a longer, neck-strung strap to alternate uses of your camera.
The Dashing DIY Hand Strap [Photojojo]