If I could give out genius awards, I'd give one to Melissa & Stephanie for figuring out a way to mount a cheap, standing, clothes drying rack into a MOUNTED drying rack. They lay out the entire process nicely, and once you see it, you'll probably do one of those head-smacking things, wondering why you didn't think of it yourself. Here, let's do it together. *smack* For all the deets, visit Two it Yourself.
DIY Laundry Drying Rack [Wall Mount from Floor Standing]