Here is something I threw together. If it seems I was lagging in the video, It was only due to the screen recording software(Camtasia 7) I was using was lagging my computer. This is my first post on this forum so I'm sorry if I'm in the wrong section, I felt this would be the right section for this.
What you need:
<-Ladder(to block the water from going into the lava)->
<-Glass, for players to watch the items get incinerated(totally optional)->
<-Stone/Another item to build the base with. For the video I used Double Stone slab which is item number 43->
<-Tools for the digging process.(A Shovel and a pickaxe should do fine)->