it is true..
I made one yesterday morning using my homemade soap(which i dont even like too much by itself) and some proraso cream.
Just dont try to make it too complicated...
Some kind of glycerin based soap + your favorite cream, then gradually add water while whipping it up until you reach a consistency you like!
But seriously, go to wallyworld and pick up some VDH for $1.50 and see if you have better luck making uber lather with it.