The following project is one that I have been working on at school for the past couple of weeks.  It is a stand to hold my Dremmel when i am using the flex shaft with it (this is clearest in the bottom picture).  The base is bolted to my desk in a recess so it sits flush with the surface - so it wont get in the way.  Then when I need to use it I take the rod and screw it into the base.  It appears to be very effective and is a good solution I believe.