T.J.,
I have made some out of some 1x lumber. I used rough sawn cedar 1x4's and used the screw in 'L' shaped hooks that are similar to cup hooks. I used two upright pieces to screw the hooks into and ran a couple of cross member of the same lumber to connect to the uprights. If you make the uprights 16" on center, you can screw them into your wall studs. I have since built a new home and I tore apart the racks I made or I would post a picture. They could be finished quite nicely if you wanted, or left rustic as mine were.
I also have a rack like Jeff's above that I made out of strips of 1x2 for the framing and used hardboard pegboard drilled out to 3/8" to hold the arrows upright. It is used more for bulk storage.
Mike