This lure can be made in under an hour (not counting the painting process) and for about the price of a piece of cedar kindling. Warning: knives and drill presses should not be taken lightly. They can be dangerous.
Step 1: Cedar
Get your kindling.
Step 2: Draw
Draw the outline of what you want to make. Here I am making a cigar shaped top water lure.
Step 3: Carve
Begin your carving. Be careful, knives are sharp.
Step 4: Saw
Once you get it fairly round, saw your carving off of the kindling.
Step 5: Drill
Put a dot in the middle of each end. Because small drill bits aren't very long (I used a 1/16 drill bit) you will probably have to go from each side. After drilling, stick your wire through to make sure the holes connect.
Step 6: Carve, Then Sand
Shape your lure and then sand it down.
Step 7: Wire Time
Twist the wire as shown.
Step 8: Repeat
Repeat the last step on the rear of the lure and put a split ring on it. Then put a hook on the split ring. Now all that is left to do is paint it, put I'll leave that up to you.