Tools and Materials:
16 gauge carbon steel (1" x 2")
C clamp or vise
scribe or nail
Hemp Rope (or other small strong rope for lashing)
Fletched Arrow Shaft to attach Arrowhead to
Metal Cutting Tool (Snips, hack saw, dremel, angle grinder, etc.)
So I guess as long as you have some kind of metal around (preferably steel) and your arrow and some rope this is pretty much free.