Wow, a $14 dollar steady cam! I always wanted to know how those worked. Looks like this one is easy to build.
$14 Steadycam

How they work: http://kiwifilm.com/steadfaq.html

In other cam news, my co-worker David took some badass shots with slow shutter speeds and a LED flashlight: http://www.david.lunarpages.com/gallery/random-pics-3
Ohhh perdy!