Building The Ring Light
rear view
Basically, you're looking at a ring of wood (plywood in this case) with 10 (Dasch did 12) heat-resistant, surface-mount light sockets (molded plastic or porcelain) positioned evenly around the ring and wired together (all + and all - run off one wire each) to a standard light switch (also mounted to the rig). In my case, the wires are also surface-mount, so it's easy to wire up, but leaves exposed connections. A can of brush-on insulating coating (a few coats) does the trick to prevent accidental electric shock. I used a product called Plasti-Dip (typically used to dip your tool handles for grip, etc).
Although you could build it a bit larger - in the 36" outer diameter range for 12 bulbs - the outer diameter of mine is 28". Inner diameter is 22". I also hinged it at two places with spring hinges (the springs hold it open) so it folds up and takes up less space for travel or storage. Two copper pipe brackets serve as mounting points on the rear, which hook over two light stands heads. I'm going to investigate a better mount - preferably one that uses standard light stand mounts.
front view
It's all wired to an extension cord (inside the switch box). This might better work as an outlet or short pig-tail, so your cord isn't permanently attached (a lot to lug around and wind up in my case - 25ft). It's cheaper to buy an extension cord and chop the end off - not to mention easier - than to build your own cord/plug from individual parts. You'll want to use about 14 gauge wire (i think - ask the experts) on the rig itself and something heavy (like an extension cord, as I did) from the rig to the wall. Fire safety and all that.
I was a little leary of spending too much on bulbs initially, so as I stated above, I went with inexpensive 65W bulbs... Which isn't great for exposure or distance to model. I've upgraded to 120W standard-type floodlights - not the more expensive halogen/par38 style, just incandescent bulbs. I tried 75W halogens (par3

, which put out a ton of light, but even as "floodlight" bulbs, they really focus the light forward, not offering much of an even spread for full-body shots, even at moderate distances. They tend to blind your subject, as well.
At moderate distances (<1 meter), you get about 1/125 sec, f/4 at ISO100.
Cost Breakdown
All costs estimates (I don't have the receipts handy)
(2) 2'x4' 1/2" plywood sheets: p500-p1000
(10) 120W incandescent floodlights: p1000-2000 (special sale)
(10) surface-mount sockets: p700-1600
8' 14-2 wire: p200
Misc electrical parts, switch, box, etc: p300-p500
Plastic-Dip: p100-250
25' extension cord: p200-700
TOTAL: p 2900 - p 5800
pics:
[img width=500 height=487]http://img71.imageshack.us/img71/4139/ringfront20jf.jpg[/img]
[img width=275 height=500]http://img71.imageshack.us/img71/825/ringfront9yu.jpg[/img]
[img width=263 height=500]http://img231.imageshack.us/img231/8790/ringback6oy.jpg[/img]