Normally I just use a drill and hold in my hand, but it has its limitations to say the least, so I need to sort out something more permanent.
I noticed a certain Mr Goolager had posted a video on YouTube with one solution using a drill and spare chuck mounted on a work bench.
Another option is this
http://www.mudhole.com/Rod-Building/Other/Flexcoat-RL100-Cork-Lathe which looks great, but also makable at home.
My woodworking skills are limited to making shelves!, ie, not very good! Any suggestions?