OK just so you know this is not a paper airplane thats meant to fly, just to look cool.
There are 3 different kind of airplanes it will turn into and only take one or two steps to transform it.
1st picture- The original design
2nd Picture- The space shuttle
3rd picture- The double jet!
Step 1: Folding Triangles...
Cut an 8 by 11 sheet of paper in half and fold the ends down like in picture 2. Then fold it the other way (Picture 3). Now that you have an X shape on both ends, fold the outside parts of the X inwards so the top forms a triangle. (See next two pictures for what it should look like.) Apply to both sides. Now you should have a strip of paper with two triangle shapes on the end.
Step 2: Taking shape...
Fold the outside edges inwards so it just touches the and of the inside of the triangle (Picture 1). Apply to both sides so it should look like picture 2. Now take one side and fold the sides of the triangle down (Picture 3).
Step 3: Body shape...
This parts a bit tricky as well. Take the folded down triangle you just folded and pull it over to insert the folded down triangle into the top of the other one and crease the middle section. (Picture 1 and 2). You should now have what looks like picture 3. Fold down the pieces in the lower middle to make it look like picture 4.