I completed the whole thing in one day, so it's a quick project.
Step 1: Materials
1 - 1/2"x3", 3' piece of wood (I used poplar)
1 - 2' x 4' wood panel, 2.5 mm thick
2 - Regular photo frames, on clearance for $1.99 each
1 - Can of wood stain
Brush for stain
Step 2: Disassemble regular picture frames
Make sure you measure the size of the glass piece or just use it as a guide for the next steps.
It took a bit of work to get the little pieces that hold the cardboard and picture in the frame off. If you have some sort of flat scraper, just get under it and pry up until it comes off. Same goes for the fold out stand that's on the back of most small picture frames.