How are web rings created?

[AnotherDesigner]

This probably seems a basic question, but then knowing me, it's probably got a really complicated answer!
I was thinking of setting up a 'web ring' of sites similar to my own, i.e. the same genre...

1) Is it worth setting one up, as it could potentially take visitors away from my site - but likewise could bring them to my site?
2) Are they difficult to create and set up?

Does anyone know how I'd go about creating one from scratch - i.e. not using one of the 'free' services full of advertisements that are available online?

Looking forward to your replies on this one! :)

[Charles]

The trick is to make one extra ring to rule them all and in the darkness bind them.

Web rings are so 20th Century but quaint I suppose. Contact a bunch of other web authors and get them to agree.

[AnotherDesigner]

So best just to stick with the affiliation system, and links to similar web sites?