We've been making our live rock from a modification of the GARF "Aragocrete" recipe.
Home Depot at Central and Eubank has white portland cement, which is supposed to be a lower alkaline concrete. It comes in 80 lbs. bags, which would make enough live rock to make a scale model of the Sandia Mountains!
I make plastic shavings by drilling holes in some PVC pipe. The plastic shavings lower the weight of the finished rock, and coralline algae are supposed to like it.
I use one part white portland cement, one part plastic shavings, two parts aragonite sand (like SeaChem), one part oyster shells from a feed store, and one part of the ReeFloor "puka" shells.
Don't use regular sand...it is a silica, and will mess up your tank chemistry.
There is a tendency to make too much aragocrete, so temper your mixing enthusiasm. Smaller batches are easy to work with.
Get some of the styrofoam boxes used to ship fish. Put the aragonite sand in the box as a mold. Make irregularly shaped indentations in the sand in the shape of the rock you wish. Sprinkle the surface with the ReeFloor puka shells. These will be included in the surface of the rock.
Mix fresh water in the aragocrete mixture until it just begins to clump together in your hand. There is a tendency to make the aragocrete mixture too wet. The rock will look more unnatural with too-wet crete.
"Glob" the aragocrete mixture into the sand mold. Experiment with making holes in the rock using a dowel and filling the holes with more sand. Experiment with arches, tables, branches, anything you can imagine, by molding and globbing.
We have some old dead acropora and brain skeletons and shells, and they make neat "inclusions" in the top of the rocks. Stick them in the sand in the mold, and glob the aragocrete around them.
Cover the whole mess with aragonite sand, and let it cure for 48 hours...less if it's cold. Remove your rock from the mold, wash it, and then start curing it.
The rocks are very alkaline when they first come out of the mold...pH much higher than 10 by my primitive measurements. We put ours in a cooler, and keep fresh water on them for 4-6 weeks, with approximately daily water changes. I'm experimenting with how to shorten the cure time, but I have no results to report yet.
Once the rocks go into an aquarium, seed them with coralline algae scraped from another tank, or get some GARF Grunge, or something like that. Keep them under some plant lights, and they'll grow beautiful coralline for a fraction of the cost.
For a complete dollar outlay of about $100, you can make a huge amount of aragocrete...I estimate around 500 lbs. And it's a fun art project, as well!