Abstract: The present invention is directed to a free-standing rack for hanging and supporting scuba diving or other wet equipment when not in use and particularly during cleaning, drying and storage thereof. The rack includes at least three support legs extending from a top point and a plurality of dive equipment holders attached to at least one of the supporting legs at points along its length. The rack of the present invention provides a free-standing and inherently stabile structure which can be easily collapsed for storage when not in use and quickly and easily expanded for use in a variety of locations. The rack is highly storable and portable in its collapsed state but is also movable in its expanded state, even with equipment supported thereon.