Yes. I made one out of 2x4s and clamps. It can be used to pin-baste a quilt to get it ready for machine quilting. Other than that, it can be used to thread-baste a quilt for hand quilting in a hoop, or you can simply hand quilt on the stretcher frame (assuming you have enough room for it).
Found this thread that relates and has a photo:
http://www.quiltingboard.com/t-55940-1.htm