Newegg with Gearonic has the 2-pack 27 LED Work Light Hook Flashlight for $7 with free shipping. Features a built-in magnet, 27 LED and 3 LED light modes, and requires 3 AAA batteries.
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These are often $3 or less each at Harbor Freight
^ Current HF sale price seems to be ( $3.49, + tax + gas + time ) * 2 = ( > $7)
http://www.harborfreight.com/27-led-portable-worklight-flashlight-67227.html
They're currently 2.49 @ harbor freight
I've bought multiple LED lights from Harbor Freight, only to have them die after light use in less than three months time. Whilst low cost, they also appear to be low quality. That's just my experience, though.