You wouldn't want to wrap your new DSLR in it on a bumpy ride, but if your pocket point-and-shoot is in need of a new home, an Instructables editor recommends DIY-ing it with "the squishy stuff"—non-skid, impact-resistant shelf liner.
Owing to the wide range of colors and availability of shelf liner, which normally holds plates or other objects in place and protects both the drawer and its objects, it's a good pick for a cut-it-yourself case. Instructables Living editor Schoochmaroo claims to have dropped her own pocket camera numerous times while wrapped in the "squishy stuff," and no harm has resulted. Aside from good, spongy shelf liner, you'll also need a small square of velcro and something to stitch the sides together.
You don't get pockets, but, according to the crafter, you do get protection, and you don't spend $15 on a branded bundle of cloth and styrofoam. Tell us what you think of the case, or if you've got another cheap-but-effective camera holder, in the comments.
5 minute Shock-Resistant Camera Case for Under $5 [Instructables]