This is a great idea to pass some time during long, cold winters (if you have them and don't ice-fish).
Step 1: Tools and Materials
Don't be alarmed, most of the specialty tools are cheap, and most people have tools they could substitute in.
Various drill bits
Coping saw (for precision cutting)
Knife for whittling (multitool)
Sharpies (fine and wide tips)
Sandpaper (coarse and fine grit)
Pliers or vice grips
Superglue of some kind (waterproof if possible)
Wood of your choice ( I used a 1"x1" piece of pine from home improvement establishment)
Large popsicle stick or shim of wood (from craft store)
Paint (I used craft paint-its gonna be clear coated)
Wood sealant (Use polycrylic!)
Wood putty (for filling in holes/mistakes)
Googly eyes (from craft store)
Small eyelets(use the smallest you can find or order from lure parts supplier online)
Propellers (OPTIONAL)(from lure parts supplier online or make your own)
Split rings (for attaching hooks)
That "torpedo" is the half-finished product you can make using this instructable.
Step 2: Choose a size!
I don't have a lathe (yet!) so i had to do this the old fashioned way: whittling. I made it easier by cutting off the 4 corners of the rectangular block, lengthwise (see above pictures) to thin out the lure.
I decided to go for a cigar-shaped topwater lure, so I whittled the ends cone-shaped.
A lathe would be much faster, and you could make dozens of blanks, of various shapes and sizes. I plan to do this very soon as winter is approaching!