I've been looking at some of the setups on here lately, and thought I'd post mine. It turned out pretty well! I threw it together 2 days ago, and now it's hanging out on my apartment deck right now. I slept in it last night, and it's really comfy when on the diagonal.
I'm using a rather different whipping technique than the usual on this site. I gather the ends, then fold the ends back towards the middle of the hammock about 5 inches. The support rope ties around this nook. I tried the 'traditional' whipping with a shoelace, but it kept slipping after a few minutes, and getting the sides of the hammock to be the right tension was a big trial and error process. I finally gave up on those, and used this technique.
I need a sewing machine to hem the edges, and add a bug net, and sew in a pocket for pad, and make a tarp, stuff sacks, yada yada yada.
Costs so far: $10 for 100ft of poly rope (rated to 300lbs), $2 for 'biners', $3.50 for fabric (walmart $1 bin, I'm pretty sure it's some kind of polyester rip-stop, water resistant until you stretch it a little...) Total: $15.50 My roommates like it too.