Portable Folding Hammock

Here are some links to sites teaching or showing how hammocks are made:
http://www.twinoakstore.com/Making-Hammocks-p-12.html
http://www.hammocks.com/articles/howto.cfm
http://wedcraft.com/Emerynet.pdf
http://knotsindeed.com/learn/bkstring.html
http://www.imrisk.com/testhammock/testhammock.htm

If you really want to knit, use broomsticks for knitting needles (you will have to make your own points to them), and use strong, not too thin string.
Make the hammock the general shapes and sizes of the hammocks in the links.

Success!

Knitting a hammock’s not going to be easy. Might I suggest a weaving pattern instead, since you will be able to use thin rope and the hammock will be much more sturdy and useable. Best way to go about it is to have two pieces of wood with slots cut into them, and use these in the same way as with a manual loom to weave the hammock. Knitting a hammock from wool would probably not support a human weight, unless you are referring to a hammock for toys and dolls.

there is this one but its for a knitting machine
http://www.knittinganyway.com/products/ppkp/mknylonhammock.htm

I know that VIckie Howell had a hammock episode on her show Knitty Gritty on DIY Network, but I don’t remember the exact details. Check out http://www.diynetwork.com/diy/shows_dkng/episode/0,2046,DIY_18180_43413,00.html