A few Christmases ago I received this neat adjustable sock knitting loom by KB. It is really easy to use and very compact. The hardest part to knit is the sliding section because you have to work around all the pegs that you're not using.
I decided that it would be best to start with something small, so the first project I did was these cute little baby socks. The pattern was on the DVD that came with the loom. It used 30 pegs and I decided to put 1x1 rib at the top.
The thing about socks is that you have to make two matching ones. After I finished the first one I began to wish that humans only had one foot because it seemed like an impossible task to make one exactly the same. Turns out that it really wasn't that hard, since it was easier to count the stitches of the first one once it was off the loom. I'm not sure if I did the same amount of rows on each sock but I think I got pretty close. :)