The comprehension of physical wave phenomena is imperative for students in the fields of engineering and basic sciences. Laboratory experiments that involve generation of acoustic waves can be used to explain advanced nonlinear wave phenomena. Acoustic levitation is a method for stably suspending and trapping objects in mid-air using acoustic radiation forces. This paper discusses an experimental apparatus that offers an economical means to demonstrate the acoustic levitation of polystyrene particles while enabling the investigation of stability and nonlinear dynamics of the trapped particles. Additionally, this platform offers the potential to examine other phenomena, such as the interaction forces between multiple acoustically levitated particles. The mechanical design of the system along with the data acquisition and control techniques are thoroughly explained.