Rinse neck and giblets well. Combine turkey neck and giblets, onion, celery, carrots, parsley, thyme, bay leaf and peppercorns with 7 cups cold water in a medium stockpot. Place over high heat; bring to a boil.
Reduce heat to a simmer and cook for 1 1/2 hours, skimming any scum that floats to top as necessary.
Pass stock through a sieve lined with damp cheesecloth; discard the solids. Let stock cool, and refrigerate until ready to use.
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