IKEA has a good selection of cheap lighting, but if you're looking to mount it to your wall to create an overhanging lamp, look no further than a Vika Oleby table leg.
To make this nifty wall-mounted light, all you need are four parts: a Vika Oleby table leg, a Hemma Cord set, an Orgel paper shade and some drywall anchors. You can get all of those items for $US25 and have yourself an attractive alternative to more expensive (or just uglier) options. With the help of the drywall anchors, you can easily secure the table leg to the wall. It already comes with two holes for screws so you don't even have to drill those yourself. As far as DIY lighting projects go, it really couldn't get much easier.
VikaLight [IKEA Hacker]