Adam from Hack a Day posted a very helpful write-up describing how to setup a well-equpped soldering station for cheap. Great ideas for inexpensive tip-cleaning and a very affordable fume hood among others - A good soldering station and fume extractor is a must for anyone interested in hacking and modding, but not everyone can afford the expensive professional models on the market. This How-To and the tips within it will guide you through the process of building an inexpensive homebrew fume hood complete with built-in time and temperature controlled soldering station and all the soldering tools you need. - How-To: The Hacker's Soldering Station
More:
How to: candy tin fume extractor
MAKE:it - Electronic Makers Toolkit
http://blog.makezine.com/archive/2008/08/hackers_soldering_station.html