The pants hanger method is great for smaller not-too-heavy cookbooks, but if you don't have a cabinet above your work area, it might not be so handy. For years I've kept a bull clip nailed to a shelf at my kitchen workstation. This makes it easy to have my recipe up and out of the cooking fray and at eye level for easy reference. Of course, this is for recipes written on a card or torn from a magazine only. Still, it has proved to be very useful.
If you don't have a place to nail in a bull clip, you can usually find magnetized versions to put on your refrigerator or other metal surface. The one pictured above came from Target and cost just a few dollars for two.
(Image: Dana Velden)