First of all, I am very cheap so if the crowd thinks this would not be safe then let it be known but I have an idea about a very easy way to start hanging. Take 1 long tube sock and put some type of weights in it (I thought about using weights from a set of ankle weights). Put the Penis in the sock (while flaccid) and use a cable clamp to fasten the sock to the penis. I know this is very simple and may not be able to withstand a lot of weight but what do you think?
better then nothing. Kinda dangerous tho. The clamp I dont think will allow for good circulation. and yea you wont be able to use much weight. You gotta do wat you gotta do but be extra careful and take it easy.
If your cheap, look up the captins wench, it is made of velcro straps, nylon string,cable clamp and an [words=http://www.mattersofsize.com/forum/showthread.php?44-Ace-Strapped-Jims-Joint]ace bandage[/words]. I made one back in the day, cost me about 10 bucks all together and was able to hang 20lbs with it.
Better still would be to save some change, and order a real hanger. With the setup you describe, you would be placing uneven forces on your penis, and you would not be able to see what was going on with it covered by the sock. Neither are a good idea.