I simply used two bike hooks (cost less than $2 total) and then screw them into a wooden ladder I have. One hook on each leg and then the top tube of the bike goes onto the hooks. The space between the ladder legs allow the crank/pedal to go around.

The ladder can still be used and the bike hooks serve as extra hangers for all kinds of stuffs including paint cans.

Hooks
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For $5, this should work a little better but I have not tried it.
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For $50, this can also be used as a double bike storage stand but the lower one is a nice work stand. A friend of mine has one.
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