That's exactly what I was talking about w/ the freebie cold air kit. SLP has the same cold air induction kit...
http://www.slponline.com/view_product.asp?P=21033
It goes for a lot less, but doesn't hang as low. If you are really looking at saving $$$, go for the SLP version. Or, if you don't want to spend anything at all, just cut the bottom of the air intake box. It's not hard to do at all and doesn't take much time at all. Right now, the air only comes in at the front of the air box. Cut a rectangular hole in the bottom of the box (you'll have to remove the whole thing to see exactly what I'm talking about) and there's your "free" cold air intake. I'm pretty sure SLP also has directions on how to install theirs. Just skip some steps by not adding in the new and simply cut out the bottom. Hope that helps!