[Jani] built his own photography ring light based on automotive LED rings. The rings he used are meant to encircle headlights on a car and are available at a low cost. The assembly is built around a filter that attaches to his camera lens. Two rings of LEDs are then glued to a case made from the plastic of a CD-R container. To diffuse the light, he sanded both sides of the clear plastic housing to make it translucent.
LED rings operate on DC power and unlike a ring flash, they provide constant light to help set up your shot. His finished project is well-built and should come in between $10-20.