My chisel rack is a pretty close copy of one in a recent issue of American Woodworker (#74 August 1999, pg. 58). Construction is simple. To make the top piece with the holes in it, take a single piece of wood and then rip it into three separate pieces with the center piece being 3/8" wide. Next clamp the three pieces of wood back together again WITHOUT GLUE. Then drill holes down the middle of the center piece of wood spaced 2 inches apart. The size of the hole will depend on the chisels you are wanting to put into the rack. Most of my chisels required a 5/8" hole but some of the larger chisels required a hole that was enlarged to 3/4" or 7/8". After all of the holes have been drilled, discard all but the end pieces and a couple of "bridges" of the center board. The number of bridges will depend on how long you made your chisel rack - mine took two (just use your judgment). Glue the center bridges to the outside pieces and presto, the top is made.
The uprights are made with two crosscut dados to fit the top and bottom boards. Here is a close up of my chisel rack showing the center bridge and the resulting slot for the chisel to fit into. Notice the hole on the left was enlarged to fit one of my larger chisels. (Sorry for the poor quality)

e-mail: krucker@friendlycity.net