This is a very interesting video that explains several techniques for image stabilization on your still camera or camcorder. They are all very inexpensive and their effectiveness varies.[youtube=http://www.youtube.com/watch?v=k_423BLnrMI]
The water bottle technique would be best if you are on the go (walking) but if you’re doing stationary shots, the string technique would best. Enjoy!
Here is another DIY camera stabilization solution that is a bit more involved. It is a very inexpensive version of the Glidecam 2000, which is what we use for X7 Media for our videos using our Canon GL2 camcorder.