Note: every stitch of material I use in my projects is somehow salvaged. Yard sale hardware, craigslist leftovers offers, the local lumber yard's scrap bin, fallen limbs... you get the idea. Why? Because it's challenging, inexpensive, I'm a tree-hugger, and it's pretty darn satisfying- that's why. I don't expect everyone to share my level of commitment to reuse, but I encourage you to try it on your next project.
Step 1: Gather Tools & Materials
Time to go "shopping" ... in the scrap bin! You KNEW there was a reason you saved those little odds and ends...
1/4" plywood, quarter sheet total is more than enough
1/2" x 1" door stop trim molding 4' total is safe and gives a little "oops" room (If you buy materials instead of using scraps, don't head straight for the full sticks of trim. Even the home improvement warehouses have bins of "shorts". You'll get it at a fraction of the cost and be doing trees a favor to boot. Nice work!)
1/4" dowel, 2'
flat steel scrap (none around? use utility blades)
4 small flat magnets
8 x 10 piece of felt or other "screen friendly" material
For the cover I used a few scraps of veneer and some cork, pseudo-inlayed to form the i heart wood text. Use your imagination!
3/4 inch finish nails
Teak oil, a fistful of rags, and some 220 grit paper will get you to the finish line
Safety glasses, gloves, hearing protection (I forgot these, again, but I'm a horrible example of safe work habits. See http://www.instructables.com/id/DIY-Sutures/)