Make:

Here's a quick tool blurb we sent over to Kevin Kelly's great Cool Tool blog - "The "Third Hand" is a low cost helper that has been an indispensable assistant for many of my projects in electronics. It holds circuit boards in place as you put in components, or if you need to solder delicate parts which require a steady hand (sometimes, more than two) it gives you a few more. It's also pretty tough to find someone to help you at 3am when most of the important work seems to happen. Two adjustable metal clips hold in your circuit boards (or whatever else) and a magnifying glass gives you a little zoom in action for the really tricky constructions. Perhaps I anthropomorphize useful things, but on an otherwise cold work bench, the Third Hand looks like a little robot pal with claws raised, always eager to help." - Link.

Bonus video - Link.