Here is a tread on it:
http://www.reefcentral.com/forums/showthread.php?t=1838961&highlight=gfo+on+the+cheap
I just use a plastic coffee can stirred a few times per day by hand
Vinegar and water solution 50:50 at 5x the gfo volume soaked for about 12 to 16 hours .
Then a good rinse with ro or tap water .
Then a 5 to 6 day soak in lye solution (40 grams soidum hydroxide per liter about 3 tblspoons ) @ 5xs the volume of the gfo.
Then a rinse in ro water ;close the can and store wet.
I use BRs HC gfo. it's sturdy and tolerates the process well.