Pound a center punch into the center of two end caps with a hammer.
Drill a 17/64-inch hole through both caps with a drill bit that is rated for metal. Clamp the caps into a vice before drilling for added stability if needed.
Thread a lock washer into a 2-inch long 1/4-inch bolt, then thread the bolt through the hole in one of the drilled caps from the inside.
Add a second lock washer onto the bolt and screw a 1/4-inch nut onto it. This will produce a cap with a bolt extending from the end. Add a bolt to the second cap.
Set a 3-way T-joint on its side. The pipe should fit a 1/2-inch double threaded pipe.
Screw a 6-inch thread pipe into the top flange of the T-joint, and 12-inch threaded pipes into the side and bottom flanges.
Screw the modified end caps onto the top and bottom pipes, and an unmodified cap onto the side pipe.
Put a large washer with a 1/4-inch hole onto the bottom bolt, then put on barbell weights that match the weight of the camera. Add another washer and a nut to hold the weights in place. Tighten the nut as much as possible.
Place a 1/4-inch butterfly nut upside-down onto the upper bolt.
Screw the upper bolt into your camera's tripod mount as far as it will go; then screw the butterfly nut up to the bottom of the camcorder.
Hold the steadicam by the side handle. The weights will act as a counterweight, smoothing any bumps as you move around.