Broken speakers are pretty but useless, media cabinets are ugly but useful, a synergistic melding of the two objects was all but inevitable.
All you'll need to do this project is:
1. One (or two) old free standing speakers, the bigger the better. Preferably in good aesthetic condition, preferably broken, and preferably free (I gave myself a $20 spending limit for mine).
2. A hand saw
3. Some hinges
4. A claw hammer or crowbar
5. Some paint
6. Planks of wood (to make shelves)
7. Screwdriver or a power drill
8. Roughly 2.5 liters of pure, unadulterated gumption. Feel free to replace with true grit.
I also used a rotary tool, but I'm sure you could pull this project off without one.
Step 1: Disassembly
In order to keep the actual speakers (which are usually really fragile) out of harm's way while doing this project, you first need to get them out of the speaker cabinet. Typically this will just require you to unscrew a few phillips screws, then yank on some wires until the speaker breaks free. This is what we in the business call "the easy step".