So I was browsing through the insane forum known as Head-fi after investing in a pair of Audio Technica M30 studio monitor cans and I stumbled upon a thread titled DIY headphone stands (http://www.head-fi.org/forums/f6/diy-headphone-stand-thread-249671/). The level of craftsmanship that some of the peeps there are amazing. Right away I got to think how I can make my own stand and spoil my cans. I'm not an audiophile per say but I am definitely always pursuing for better sound, without emptying my wallet.
A bunch of people suggested to use banana hangers as stands but the hooks are so thin and doesn't provide adequate space for wide head bands. If your cans have padding on the head band, the hook will actually put an unevenly distributed stress on them, and may possibly leave a groove at the opint where its hung over time. I saw other options and one struck me:

I went over to my local Linen n' Things and bought one for $17. I then found a cheap foam car neck pillow lying around on my trunk like this: 
I put two and two together and here is the result:

It was pretty easy and works so amazingly. the foam is gently caressing my cans and adds no stress to the head band since it is evenly distributed throughout. The fabric unzips at the bottom so I just stuffed the rods in and ziped it up. No need to drop 50+ dollars on some brandname headphone stand and works 100 times better!
Hope that this helps anyone thinking of displaying their cans rather than just having them lying around on the desk, which can scratch the leather if you're not careful.
Cheers!
KASH MACHINE : Coolermaster Centurion 5(modded) | Corsair TX650 | AMD 64 X2 4400+ | Asus A8N32-Sli Deluxe | Sapphire ATI Radeon HD 4850 512mb 256-bit | 2 GB Corsair XMS | 120 GB WD + 60 GB Seagate internal HDD//200 GB WD + 200 GB Seagate External HDD | Creative Xmod + Klipsch Promedia 2.1 | NEC DVD±R | 22" wide Acer LCD | XP Pro SP2
Cans: Sharp HP-MD33s (foam mod) | Koss KSC-75 (Kramer mod) | Audio Technica ATH-M30 |
1gb Shuffle 2G | 8gb iTouch 2G |