That's right. You can easily build a very solid workbench for less than $20, and do it in a matter of a few hours.
After buying my new compound miter saw, I realized that I needed a solid workbench to attach it to so that I could make the cuts more safely, and more comfortably. (I've currently been using it while it sits on the floor, and this hurts my back after a little while from bending down all the time).
At HD, pick up two 2'x4' 1/2" MDF panels. (Or 3/4" panels, but 1/2" will be strong enough). Then, go by the cutting area in the store. Chances are you'll find lots of scrap wood there that you can get for 51 cents per piece, or you'll have this scrap lying around your workshop anyway so you won't need to buy anymore.
You'll need four pieces for the legs, then 8 more pieces for the apron of the top and the shelf. Cut the legs to 34" high, and four of the apron pieces (The long sides) to 48" long. The other four apron pieces will need to be cut to 21" long, plus another two support beams 21" long. (The 2-by-x pieces are actually 1.5" thick so that is accounted for in the measurements).
With the legs cut, lie your long apron pieces on top of them with 1.5" extending over the edges, and on the top extend them 1.5" above. Drill two holes through each section that is resting on top of the legs. This is so you can put carriage bolts through them to secure them in. Make sure everthing is square and stand it up to attach the pieces together with bolts. Do the same hole cutting procedures on the sides, making sure not to intersect the holes and hit the bolts that are in there. Now secure the side pieces on while making sure that the table is level and plum.
With the fram built, take the 21" support pieces and screw and glue them to the aprons on both the bottom and top. This will provide support for the surface and the bottom bench. (The one on the top will be ripped 1.5" shorter than that on the bottom so that the lumber on top will sit flush, or you can just let it hang down below the apron by 1.5". It's on the top part and really this table is for functionality and not looks so it doesn't matter).
At this point, take more of your scrap wood (I was able to get a bunch of 2x6 pieces) and, with help from a friend, drill them into the apron on top so they are flush and use glue and long screws to keep them secure. The pieces at the corners are resting on the legs (I glued/screwed a couple of 2x4s to create a thicker, heavier, sturdier leg), so they will easily be supported there. With the center support, they should be easy to put on top and then screw.
Now that the thick, sturdy top is on, put your MDF sheet on top and screw it down. Bang. Your bench top is built. For the bottom shelf, just make sure to notch out the corners so it will fit, then angle it in and drop it down. Secure it to the bottom apron with screws.
If you work in an area that gets humid, I would suggest covering the entire table with a good waterproof primer to keep moisture from pentrating.
When it's all done, you'll have a very sturdy, level table with which to secure a miter saw on top, or just work on top of. You'll also have a shelf on the bottom (6" off of the floor from the top of the bench) with which to store tools. I'll get mine finished up tomorrow and take pictures, but in the end this INCREDIBLY useful workbench will only cost me about $18 for the primer and wood/MDF.
