If you want to try your hand at making your own magnetic knife rack on the cheap, it's not so complicated. I found this intriguing DIY knife rack plan on Instructables.com. The DIY'er behind this post, "radiorental," suggests just carving out a space behind a nice block of wood and attaching magnets in that cavity. Then just attach the finished product to the wall with screws. It's neat because the magnets are "invisible" -- that is, concealed in back of the wood. Also cool: the magnets are salvaged from old computer hard-drives. Now, that's inventive!

I noted with surprise a bunch of negative comments on radiorental's post to the tune of "eh, eh, the knives could fall and hurt you or the kids." I suggest you disregard these. I've never ever had a knife fall off its magnet yet. In fact, I'd say it's a lot safer to have knives wall-mounted than in a drawer because there's no fumbling to pick them up. Naturally, the rack should be placed well out of reach of small children.