Making your own BBQ should not be limited to those with deep pockets and ample space to store a trailered smoker. Additionally, if you only smoke a few times a year for small gatherings, it isn't necessary to purchase a large smoker.
I will include some options for those with limited space. Categories of compact smokers I will highlight are upright or barrel smokers.
Upright smokers - often called "Bullet smokers" consist of an upright pill shaped device that typically separates into three sections. The bottom (base) containing the heat source, the middle (sleeve) containing a water pan/ or sometimes meat, and the top (lid) containing the meat.
Possibly the best and most recognized upright smoker the Weber Smokey Mountain.
Weber offers an upright in various sizes from 18" ~$300 to 22" ~$400 and are heated by wood or charcoal. These upright R2D2 style cookers do a great job of keeping temp and moisture levels. While most manufacturers require you dissemble the smoker every time you need to add wood/charcoal, Weber has a large and easy to access panel to add water/coals. Additionally, this unit provides ample space in the top of the unit to add a large turkey or multiple ribs in a rib rack. The downside is the price. You are paying for quality and also the name. http://www.weber.com/explore/?glid=8
A good option if the price is too high on the Weber are the Brinkmann line of smokers. These units start at $60 and go up from there. The uprights also come in a box shape and can be powered by electricity or propane. The Brinkmann brand can be more cumbersome and inconsistent than the Weber, but for the average cook, you should be ok.
http://www.brinkmann.net/products/outdoor_cooking/charcoal_smokers_and_grills.aspx
Barrel smokers - these smokers consist of two pieces, an open cavity for the meat and a side firebox
One of the best bargains and easily available units out there is the CharGriller Smokin Pro Model #1224. This baby retails for $179 on the website. I purchased mine at Lowes about 4 years ago for $200. It isn't the most efficient with heat, but it can turn out some delicious product. I have done 1 brisket, 2 pork shoulders, and 24 wings at one time. Enough food for at least 35 people. It is also great for using as a charcoal grill. The firebox is large enough to cook with 12" - 14" wood logs. We often do wood fired pizzas by adding a pizza stone to the grill.
http://chargriller.com/store/product_info.php?cPath=21&products_id=34
An often overlooked aspect of owning a smoker is the need for a cover. A good water proof cover will add years to your smoker and is worth its weight in gold.
Charbroil also makes some nice units that are inexpensive and widely available.
For those looking to spend some dollars on a smoker I recommend the following brands:
http://www.horizonbbqsmokersstore.com/servlet/the-Smokers-cln-Backyard-Style-Smokers/Categories - Multiple to list
http://www.americanbarbecuesystems.com/ Check out the All Star
http://www.aceofheartsbbq.com/smokers-home.html Check out the Pony Express
Good BBQ Resource:
http://www.thesmokering.com/ - This is a collection of member BBQ stores. You can learn a lot by browsing its members.