I have done the low low budget of making ball and socket making. The balls and bars i got from a jewellery shop online, you can get the balls and bars for real cheap and many different sizes.
I bought some stripes from ebay, they are copper clad strips used in model train construction, they are the perfect size and quite strong.
i made a jig to hold the stripes. Place to strips on top of each other and slot them into the jig, i marked on the jig where i want to drill into the stripes so every pair will be the same.
Once the holes were drilled I made some marks on the outside so i know the pieces will only slot together that way, if they are put back together in a different way the alignment may be off
After drilling the holes i placed the balls and bars into the outer holes and a nut and bolt in the centre and there you go, you have a low budget self manufactured ball and socket joint.