So after watching hours of videos and reading tutorials I decided to build a full size bed for my daughter. I must say it was quiet a learning process as I was doing it for the first time and wasn't sure on the type of tools needed for this project.

Here is what I bought from HomeDepot :

Deck Screws - 1 Box 2.5'' and 1 Box 3'' (~$20)
Flat Head Screw - Small box 1.5'' (~$4)
8 - 1 x 3 Strip (~$15)
5 - 2 x 4 Strip (~$16)
Wood Glue - 1 Tube ($6)
Drill/Drive Kit (~$13)
Drill (~$30)
Measuring Tape (~$14)
Spray paint (~$5)

Full size bed dimensions are 75'' x 54'' and normally wood strips come in 96'' in length. So you need to cut them according to the dimenssion better would be if you get it cut from the store itself.

Three - 2x4 - (96'' - 75'') = 21'' (Use for legs)
Two - 2x4 - (96'' - 54'') = 42'' (Use for legs)
Eight - 1x3 - (96'' - 54'') = 42'' (Use for headboard)

Step 1: Legs

Use remaining 2x4 wood strips for legs. You would need 8 legs, build them by joining 10'' and 6.5'' 2x4 wood strips as shown in the picture. Glue the pieces and screw them with two 2.5'' screws.

Step 2: Attaching Legs

Glue and screw legs onto 75'' 2x4s. For sides use 3 legs and for middle support use 2 legs.

Step 3: Frame

Glue and screw 54'' and 75'' 2x4s wood strips using 3'' deck screws. Do it from all the sides and then screw 1x3 strips in the gap of 7.5''.

Step 4: Headboard & Final Assembly

Use remaining 1x3 strips for building headboard. Take five 40'' 1x3 strips and join them with two 53'' strips. Cut 20'' pieces from the remaining 1x3 and screw them in the gap (as shown the picture).

Here you go full size bed in about 6 hours costing around $80 :)