Last year @bluebird503, @JohnnyCreations, a non-Stimhack dude, and I got together for a 4-person Stimhack Cube draft. What we settled on was basically a Rochester Draft, formatted to fit the cube. We shuffled the cube and made each "pack" of something like 8 or 10 cards apiece (I forget atm), as required for the drafting process, and then laid all the packs face-down on the table. Someone was designated "First," and then the first pack was turned over and laid out bare in front of us all. The first person would get first pick, and it would move on down the line until we all had picked a card. Then that pack would be discarded; we would no longer get to pick any of those cards again. The second person in line would then get first pick of the next pack, and it would cycle around this way until all the corp cards were picked. We would then move onto the runner cards and do the same.
The draft time takes a while, but it's an absolute kick. It's also cool because you can literally see what other people are picking, so you can make some really neat counter-picks and hate drafts. Knowing that you aren't going to have a second crack at the pack of cards really ups the importance of each pick as well. If there's a Sure Gamble and a Chameleon in front of you, what do you pick? Sure Gamble is econ, which is awesome, but there's only 1 Chameleon in the cube, so if you let it go you will never see another, and it will never come around again if the other people don't grab it either.
Anyhow, we had a blast. It's highly recommended.