In all cases, you will need a precise thermometer.
For short durations, different hacks like the beer cooler method can work. But for extended cooking times (8 hours, or days), I'd recommend investing 40$ towards a pot that can do basically anything: the Presto multi cooker. Find a 10$ aquarium pump to create bubbles and thus create water circulation and you're set.
I have the real stuff (an ancient immersion circulator bought on Ebay) and I use the Presto as a second unit when I need more than one. I estimate that you can be precise to about ±0.7°, which might matter or not depending on what you are doing.
Update: For very long cooking, nothing beats a dedicated machine like the Sous-vide supreme, because there is no loss of water. With all other methods I had to make sure I refilled it twice a day. Beef ribs for 2-3 days at 58° are just so amazing...