This is a great little spin off of the camera-ka-bob. You can use multiple strobes for this, but for the sake of easy explaination, I'll discuss using one light.

Included with the Canon 550EX is a little table top stand. On the underside of the stand there is a standard 1/4-20 tripod socket. Screw that on the end of a monopod and mount the strobe on the monopod. In all practicality, that is all you need to do. If you have either a Canon ST-E2 wireless TTL transmitter or another 550EX, that is all you need. If you don't trust the infrared, you can also use the ubiquitous Pocket Wizard's.

Now lets say you are at Mardi Gras or Halloween at Ohio University, and you are trying to get some street shots at night. You can hand the monopod with the strobe to an assistant and have them follow you around all night. Keep them off to the side and about 15 feet from your subject and they'll splash in some nice 45 degree light which looks far better than any direct strobe.