Getting the most from your Dremel by Mark Fogleman - Some readers probably think of the Dremel as a tool with too much slop in the frontend. You can fix that problem with some shrink tubing around the bearing race to make a tight fit as Frank Ford shows here: FRETS.COM
Transform a Power Drill Into a Miniature Wood Lathe
If you want to turn wood to make spindles or decorative chair legs, you're going to need a lathe. Rather than spending a fortune on expensive hardware, you can put an old drill to good use instead.
Mini Circular Saw and Lathe by Hubert Sicard -- Homemade mini circular saw and lathe constructed from wood and powered by an electric drill. http://www.homemadetools.net/homemade-mini-circular-saw-and-lathe