Hey dude. With a little know how, this could be a fun project. I'm about to do it myself.
First off: A little background with circuits will do a lot for you here but I'm sure you could figure it out either way.
*Eventually I may write up some real plans but for now you'll have to take an idea and run with it.*
1. Get a cheap trainer (even the cheapest will do, you really only need the frame and a few parts from the mechanism that provides resistance)
2. Get an electric motor (Electric motors can also act as generators when work is done on the shaft) - here you may need to search a bit, grab an old one off an electric scooter, or the motor that drives a compressor from a fridge being thrown away. Who knows, maybe a small cheap motor will provide enough resistance without tearing apart. You'll just have to experiment.
3. Get creative - find a way to use the resistance mechanism already on your trainer to drive the electric motor. This may be tricky, it may be easy, it all depends on the specific trainer and motor.
**Note: You need to remove or disable any piece of the resistance mechanism that is providing substantial resistance. If this is not done, the power meter will be waaaayyyyy off.
**Note: Your spin trainer may already be equipped with an electric motor. I haven't taken apart a magnetic resistance trainer but there's a chance there may just be an electric motor(generator) in there. If there is a way to drive a current from the resistance mechanism, you can disregard step two!
THE HARD PART IS DONE!!
4. Once you can drive a generator with your trainer, you can take the current produced and run it through a potentiometer (this is a variable resistor). The strength of the variable resistor (potentiometer) will determine the resistance on the wheel. As for specifics on which potentiometer to use, this depends on the motor you use so it may take some toying around. You can experiment with standard resistors first, they are cheaper (this will give you an idea of what range potentiometer to use). *There are many many ways to achieve different resistances in an electrical circuit, this is where circuit knowledge starts to help.
5. Buy two cheap multimeters from Walmart or Radioshack (you may already have one lying around) - measure the voltage across the two terminals of the motor and the total current in the circuit, Power = current * voltage.
your essentially done!
Of course for step five I intend to build a microprocessor and write a computer program that will give me a full report on every ride I do.
If you got the know how, you can make this VERY nice by means of a microprocessor!!
Good luck.