The camera:
I went to Lowes (a hardware store) and bought a 1.5" long 1/4 inch wide screw, two nuts and two bolts for a total cost of $0.48. I then went to my local bike shop, dug around their rubbage bin to find a spare mount. Really, any mount would do, light, reflector, anything. I managed to find a broken bike computer mount for $0.50.
I drilled a small hole in the extended part of the mount, threaded the screw through, (surrounded by the nuts and bolts) and then tossed the whole device on the bike:
After that, I just screw the camera on (the camera has a screw hole for use with tripods). It is ugl and not the most secure thing in the world, but it works impressively well for under a buck.
So then, here is a video I made with this thing sitting on my bike. It leaves my house, shows the max speed I get on this ride (right at the start) then speeds up. I got off the bike a few times to verify the thing was still recording and it was doing great. Unfortunately, my batteries were dying, so I had to restart it a few times then I finally gave up as I made my way onto East/West Blvd. Enjoy!
Music: Any Given Day by Carbon Leaf