For $19.95, you can order this herb-drying rack from Amazon:
Or, you can cut up some old tomato-cage wire, grab some twine, and make your own in about five minutes.
Cut the wire into a length that will give you the perfect circle size for your needs when you bend it. Then make small knots with the twine around the circumference of the circle to hang your fresh herbs from. Finally, take a few pieces of twine to connect the wire circle to your ceiling hook.
To harvest your herbs, cut healthy branches from your herb plants. Be sure to remove any dry or diseased leaves, and shake the branches gently to remove any insects. If you have to rinse the herbs off, be sure to pat them dry with towels (wet herbs will mold!). Cut off the lower leaves along the bottom inch of each branch, then bundle four to six branches together and tie them together as a bunch. Hang these bundles upside-down from your drying rack.
Leave your herbs hanging in a dry, warm, airy location until they are crumbly to the touch (depending on your climate, this could take up to two weeks). When they're dry, your herbs are ready to store.