A clip from the Revision3 show PopSiren on how to make your own LED Lightsaber for around $50.
I think this would be a fun project. One of my friends has a few of the expensive official Star Wars “Force FX” replicas that make sound too, and he likes to play sword fight with them at night. This project would cost about half the price and result in a custom design and something that you wouldn’t mind beating-up.