OK, I took this almost verbatim from the Make Project “Lost Screw Finder” in volume 13.
I am constantly dropping little parts and never seem to be able to find them without a lot of time wasted.
This cool little device, made out of a old CD spindle and some 1″ PVC works like a charm. 
The only real difference between mine and the one in Make Magazine is I glue to pieces of acrylic between the 90 degree elbows to make the unit stronger. My CD spindle would quickly have broken otherwise.
I then purchased a shop vac attachment and filed the end of 1″ PVC and used a heat gut until I got a good fit for the attachment. Here is the entire device.
and here is a pic of the inside
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