Sixwing

Yes, I use them - or something very similar. Mine are softwood shavings, which are a mixture of pine and cedar. They smell great, drain well, loosen and lighten the soil, and are dirt cheap (about $10 for 4 cu.ft., which was enough to do my entire balcony garden and some besides.) The local farmer's co-op sells them. Hamster shavings would probably serve the same function in smaller volume (though an actual hamster should NEVER have cedar, people sell it for them anyway.)

I found a recipe at gardenweb that makes a nice soil:

1 part sand
2 parts dirt - local or potting mix
2 parts shavings

Mix up and plant.

This makes a nice light mix, unless you have clay for soil (I do.) Even then, it's nice and light to start, but compacts if given half a chance. It drains much better than soil alone or soil amended with peat, but holds what water it does hold for a long time. When I pot my banana up, I think I'll use potting soil instead of the local dirt, or use more fines.