Made a set today. Total outlay <$7.
~$4 for the lashing straps at Harbor Freight Tools. http://www.harborfreight.com/set-of-...aps-67386.html
~$3 for the 5' Sch 40, 1" diam PVC pipe at Lowe's. http://www.lowes.com/pd_23977-1814-P...14_4294937087_
Cut my PVC @ 21", wish I'd used 22" or so, now. But these are perfectly functional.
Edit: If you're impatient and don't want to (or can't) hold the ring around your paint can, weight, etc. for 5 minutes, hold it tight around the object while having a friend/spouse/child pour cold water all over the PVC pipe. Two big glasses of water and it's set in <1 min.