Although I've made many papercraft models already, I never posted any them here on Instructables yet so here it is! ;o) The parts you need (and these instructions) are available in the LEGO section on my papercraft webpage: http://www.kickme.to/ninjatoes
You really don't need many tools to build a papercraft model, just something to cut with and glue. "Pre-shaping" makes everything a lot easier: if you give the 2D paper parts the right shape already before glueing them together, the tension in the paper won't make the parts you just glued together want to come apart again.
Just like real LEGO minifigs, my papercraft versions consist of several separate pieces (helmet, head, torso, arms, legs, accessories...) that you can take apart and put together in all kinds of combinations with the other papercraft LEGO minifigs I made (link).
Just like on many of the parts, the pins on the hips and the pin-holes on the legs make it so you can rotate them just like on a real LEGO minifig. This is why it's important to use thicker paper (cardstock) than regular printer paper, which probably won't be strong enough when you try to twist the Black Knight's leg...
Some other cool parts are the dragon feather plumes that go onto the helmet visor; the "grooves" require you to make some very small folds, so take your time to pre-shape everything properly (but by now, you should know that you should always do so of course! ;o)
After building the dragon feather plumes, the sword and shield will be a breeze! ;o)
Step 9: Final assembly
Don't use any glue to put together the separate pieces, so you can move them and take them apart and combine together just like on real LEGO minifigs. If you want to see the basic papercraft building techniques you'll need to build this, I recommend Yamaha's excellent tutorial: link