My first (of what will be at least 4) 10-MINUTE PEGBOARD! Actually, it takes about thirty minutes, if you add in the time if took me to drive over to the hardware store to buy the sheet of pegboard.
All I did was: Buy a piece of pegboard and some CHEAP and pre-cut 1X1s in the size of the pegboard's length (for stability) then nail the strips of wood to the pegboard. Lean against your wall or hang it, add the pegs and your products. Done!