The standard "clunk, clunk, clunk" arm is cheap and easy to cut from the Rostock stock melamine board. But it kinda sucks - it's not smooth, it can take some work to peel it off.
Have a look around on here and you'll find a fair few alternatives. I ended up going for a threaded rod with a hub that fit the spool, but after seeing tinyhead's good work changed to a cone on either side of the spool (to accommodate different sized spools) with a skateboard bearing pressed into it to fit into the rod, and nuts either side to hold it together.
Mine is a vertical orientation and I'd not do that again - full spools have a tendency just to dump coils off the side and down around the spindle base where it tangles up. But horizontally, even off the existing holder frame, the only problem you'll have is that it comes off too easily when you're loading filament into the extruder
This is what I use now:
http://forum.seemecnc.com/viewtopic.php?f=35&t=6839
On fresh spools I put the rod into the top of my old spool tower, ignore the hubs in this one, the cones are much more universal:
http://forum.seemecnc.com/viewtopic.php?f=35&t=567