Here is a wooden ratchet noisemaker I made, also known as a "gragger" when used during the Jewish holiday of Purim. For mine, I used a few scrap pieces of 3/4 inch thick oak, a 1/2 inch wood dowel (less than 6 inches worth), a piece of 1 1/4 inch dowel for the handle (about 5 inches long), and some 3/16 inch dowel for the wooden pegs. I also used two 1 1/2 inch 8-32 machine screws with washers and bolts.
For tools, I used a table saw, a miter saw and a drill press.
Step 1: The gear
I decided to make a gear with 8 teeth. I used a 2 1/4 inch hole saw to give myself a gear a little larger than 2 inches in diameter. First, I drew the pencil lines; it was easy to layout with a combination square. Then I ran the hole saw into the center of the pencil marks, just deep enough to mark out the circle. Now I can drill the smaller holes where the pencil lines cross the circle I just cut. For this gear, I used a 5/8 inch spade bit.
Now I can put the hole saw back on the drill press and finish cutting the circle. Perfect gear! Next, you need to enlarge the center hole to the size of the dowel that will be running through it.