The first step is to construct the fabric of reality. Find a way to make a circlular frame to stretch the fabric over, and try to evenly clamp down the frabric around the perimeter of the frame, ensuring that the fabric is slightly taut.
Next make the orbiting black holes simulator. Screw two castors into a piece of scrap wood, roughly 9"apart from each other. Drill out a hole in the center and push through a rod of some kind; a long screw is recommended. Ensure this rod is very securely attached to the wood, or else it will allow the wood to rotate about the rod and the demonstration will not work.
Insert the orbiting black holes simulator into the drill and tighten down the drill chuck very tightly. Point a camera sending a live view to a TV or computer monitor at the entire setup, place the orbiting black holes simulator over the center of the fabric, and turn the drill on. Start off slowly and then once you get a feel for it, increase the rotational speed and the pressure with which you push into the fabric. Eventually you should see things come to a standstill on the computer monitor, as the stroboscopic effect effectively freezes time. Varying the drill speed ever so slightly will cause the drill's period of rotation and the monitor's refresh rate to differ slightly, thus showing a little bit of motion.
Congratulations, you've made gravitational waves!