Manhattan Nest devised a clever way to turn $20 in IKEA parts into a twistable, extendable bedside lamp.
An important part is the Ikea Frack mirror -- one of which was actually in Admiral Adama's bedroom on Battlestar Galactica -- which provides the turning and extending part of the lamp. You'll also need lamp parts, and if you don't mind exposed wiring, you can save a few bucks that way. You could either go with chrome-tipped bulbs like he did, or go with a more cost-efficient CFL or LED bulb, which looks less cool.
Head on over to see the full instructions.