i just went to harbor freight on wed and put together a hanging system.
i bought a pack of ratcheting straps (comes with 4, only needed 2, other 2 will be used to transport the yak on the car) for $12.99 (on sale)
i bought a pack of cam lock lashing straps (comes with 2, only needed 1) for $2
i hooked the ratcheting straps to a wire shelf storage system i have suspended from my garage ceiling. if you don't have a shelf system, you can probably buy brackets and an S-hook from home depot for cheap.
looks similar to this:
http://www.austinkayak.com/images/pr.../large/133.jpg
except mine's right side up and the 1 lashing strap ties the two ratcheting suspenders together. think of the letter "H"