I do it that way all the time. I slice the meat about 1/8 inch thick and marinate overnight. Take one rack out of the oven and put the other rack at the highest position in the oven. Line the bottom of the oven to catch the dripping for a little while. Put a toothpick through each piece and hang from the rack. I set it at about 150 - 160 degrees. I hang an oven thermometer in there to check temps. I prop the door open a little. Takes about three hours at 150 degrees. I keep checking it near the end. Here is a photo.
Drying meat at a temperature below 145°F will produce
a product that looks done before it is heated enough to destroy pathogens, and before it
has lost enough moisture to be shelf-stable. Only a few dehydrators currently on the market
will maintain the necessary temperature of 145° - 155°F. Plus, I can do over 5 pounds of meat at a time in the oven.
I bought the tight weave square cookie cooling racks from wally world and just lay the jerky down rather than doing the toothpick method. That got too time consuming for me. Works just as good and I can do about 4 # at a time in the oven. I can fit 4 of the racks on the two shelves in the over. I use one of those wireless temp. gauges from Brookstone (for grilling) to monitor the oven temp.
I've done it and wrecked the thermostat in our oven. The missus was not happy. I now do my jerky on the gas grill. Works great. I light one burner on the end and turn it as low as possible. I hang the jerky from the portions of the warming rack that are not over the lit burner. I put foil on the lower grate over the unlit burners. I prop the lid open a little and it keeps the temps at about 180 degrees.
I normally do my jerky the same way that Joeyfont does. The only difference is the hanging method.
Instead of using toothpicks, I took a couple of old metal coat hangers, cut the top off and straightened out the rest. wash them good and use them like long skewers. I put about 20 or so pieces on each one and just drop them on the upper rack with the meat hanging down. Once the jerky is done, I just wash them off and toss them up in the cupboard......ready for the next batch.
I didnt have enough meat this year for jerky but i always did mine in the oven too. Wife would raise heck about the mess at times but thats a way of lfe for me. I bought everything possible to hang or lay jerky on. The oven rack it self works fine just laying flat. Check with your wife first she miht not like the end results. I never did care for the hydrator method.