Get a free year on Tuts+ this month when you purchase a Siteground hosting plan from $3.95/mo
"With simple shapes, gradients, and vector textures, this simple tutorial will show beginning illustrators how to create an hourglass icon. There is a whole lot you can do without the Pen Tool. We'll be using Illustrator CS4 for this tutorial, but those of you with older version should be able to follow along as well. Let's get started!" - Sean Hodge
Here is a link to the written version of the tutorial How to Create an Hourglass Icon in About an Hour and the video version is below.