They are based on the Elder Futhark set, supposedly the oldest and original set, but If you can make one rune then you can make any form or set you like as long as you have the alphabet to copy from.
As regards tools, a saw and an old screwdriver is all you need for a basic set, there are certain types of wood which are favoured for the job such as Rowan, Elder and Holly, but for this instructable I will use Cherry as I have more than I know what to do with.
Step 1: Materials and tools:
If you are not an adult then you should borrow one for this project, do not attempt to burn the symbols without one.
Branch wood - around 40cm long and 25mm to 40mm diameter is a good starting point, use dry, seasoned wood as it may split or crack when drying out.
Saw - as fine toothed as possible so as to reduce the amount of sanding needed.
Sandpaper - if required.
Old flat bladed screwdriver 5 - 7mm wide, or similar metal object which can be heated to red hot. (A pyrography iron is even better).
A good soldering iron of 75 - 120 watts can also be used but anything of lower wattage won't really get hot enough and could take for ever.
Wax - Beeswax, furniture wax or even candle wax can be used.
I've also included the Elder Futhark alphabet with divinitory meanings.