Interesting Dallas Morning News article (free registration required) about Protestants using beads to pray, sometimes the actual rosary and sometimes variations of it adapted to their particular beliefs. I have to say that this quote by a Presbyterian minister made me laugh, "The rosary is not just a Roman Catholic thing," Ms. Moore said. "Praying with beads has been part of our tradition since the beginning of the church. We need to claim what is ours." Ummmm, sorry, but that "church" she mentions was entirely Catholic in the beginning. Ah, well ... at least they're getting the benefit of the meditation brought by praying rosary no matter what prayers they are using.
A couple of good website resources from the article to check out:
Ecumenical Miracle Rosary - Uses traditional rosary but wih different prayers
Rosary Center - All about the Roman Catholic rosary and praying it
Christian Rosary - written about the rosary for all Christians and does a good job of explaining that Catholics do not worship Mary.