My setup is a Xbox wireless racing wheel (by wireless they mean no wires to the console, there are still wires for power, and between the wheel and pedals), mounted to a homemade stand, which I pull up to the couch. It isn’t perfect, but it’s okay.
The homemade stand is made from MDF, bolted to steel legs from a Table Mate II Tray which was about $20 – http://www.rkdm.com/tablemate/index.htm
The pedals are zip tied to the MDF base, and the wheel is mounted using the clamp that came with the wheel.
All up including the MDF, screws, hardware and the Table Mate II Tray it was probably about $50 to put together.
Here is a picture – http://www.flickr.com/photos/64237546@N06/6179242703/
BTW I only use it with an Xbox360. One day I plan to upgrade to Fanatec Wheel and Pedal combo, and a better stand.