Well, I've gone and done it. I read a bunch of websites, watched a bunch of videos (over and over again), and ordered a bunch of ripstop, amsteel blue, and poly webbing. Last night I hemmed the ripstop, and gathered and whipped the ends. It's ugly, but it definitely looks hammock like.
I haven't gotten to hang it yet (I live in an apartment), but I've got some car camping planned in a few weeks. Hopefully I'll be able to get out somewhere and practice setting it up before then. It's been awhile since I've been camping, but I'm hoping to get back into it.
Here goes nothing.