Turn your Drill Press into a Lathe - a small diagram from http://home.mindspring.com/~adhamilton/
This is a simple diagram of how usea 1/4" shank router and my drill press as a "power lathe". With this setup, make control knobs, strap knobs and other cylindrical objects. Better watch out though - this thing is as addicting as air. You'll be turning something on it all the time.