Even on the cheap side, a decent microphone stand will generally run you $US20-$US25. If you want one that's particularly adjustable it'll cost you a bit more. This IKEA hack, on the other hand, is a cheap alternative you can make with a lamp.
This clever IKEA hack comes from Francesco Dosia via IKEA Hackers. To pull it off, you'll need an IKEA TERTIAL lamp and a microphone mount (a Proel APM 225 but you can also build your own shockmount, too). All you have to do is remove the bulb and head of the lamp, as well as the power cable, and just attach your microphone (shock)mount to the front. With that, you've got a great, inexpensive and adjustable microphone stand.
Fold-out Notebook Desk for the Kitchen [Garner Technology]