I bought one of those cheap $10 voice changers that look like a loudhailer with 5 switches on the side, and it sort of works. I gutted it and installed the workings in my IM helmet. See my thread for details.
The mic only really works when you have it pressed against your mouth, and the amp is quite quiet. The sound quality of the resulting 'deep-robotic' voice that comes out is best described as poor quality and full of distortion.
However...
It does an excellent job of disguising your voice, and making you sound robotic/electronic which is, afterall, the desired result. You could also replace the mic with a better one, and use a cheap amplified speaker to increase the volume and sound quality.
And...
One of the other switch settings makes you sound exactly like a dalek, which is hilarious.