A guy at training last night had one like Wal has described above and I must say it was a lot better than mine. The major difference is that using cable ties allows a lot of water in which then comes out for hours after and is grey with lead, which i'm sure can't be very good for you.
The key to Wal's one is getting tape that will stay on well and if it's tight enough it should let very little water in. As an added measure this guy put some leftover inner tube over the tape which held it in place really well and also helped keep the water out. Looks nice too. And, as Wal said easier to adjust and i'm guessing easier to make.
This is how I would make it:
1) Get your innertube, cut it in half where the valve is.
2) Get the end of the innertube and loop it through the clip and tape it down with good tape. At this point you might need some lead in the innertube to make sure you tape hard enough - pour in as much lead as will fill up to the level you are taping. Cut off some spare innertube off the other end and thread this over the area you've taped. This will help keep the tape in place, help keep it watertight and also looks a bit nicer. Check to ensure it is secure by stretching it.
3) Measure how long you need it by picking it up and holding it around your neck, ensuring that you consider the length of the clip as well. Mark a level with a pen where the lead should stop. I prefer my neckweights to be small enough so that when I am floating face down it won't touch the edge of my chin... hurts when you kick off the wall and get a punch on the chin as well :vangry
4) Pour in all of your required lead. You will probably find that it will be about twice as long as you need it. Time to start milking the cow
5) You can either use a broomstick handle or something thinner to push down the lead to the desired length, but my preferred method is to "milk" the lead down by using your foot to hold the closed end of the neckweight down, stretch it with one hand, and with the other hand form an upside down "ok" sign and push the lead down. The lead should move down and stretch the innertube and the neckweight will thicken. Keep doing this until the lead is down about an inch past the line you drew. It will take a while but it will get there eventually. Stretch, milk.... stretch, milk.
6) Loop the other end of the clip through the innertube and tape it down securely. Cut off the leftover tube, tape over the end, then cut off some spare innertube and thread this over the taped area.
Ta da, one neckweight. Now make another. And another... and another.....
When I do another one i'll take photos as I go along. Let me know if anything is not clear.
Cheers,
Ben