You can do it with what ever you have available. Or you can do it the "traditional way" using draw knifes and chisels and sandpaper.
Some will cringe, but I do not have a wood shop with the correct wood working tools. I used a chop saw for trimming length, jig and circular saw for width, and shape. I did pay to have my planed down. Band saw would also work for shaping. a rasp can make quick work on the roughing of the shape. Long drill bit if you have to drill the mounting bolt hole. An electric sander and a Dremel tool.
If you have a router it will also make it easy on you when shaping the for end and barrel channel.
I used pine to make a for-end(cheap and available) Walnut is one of the more popular. If you can find a saw mill, may see what they have for scraps. Flea bay has usually got wood blanks. Gunstock Inc(site sponsor) also sells blanks(email them) Boyd's gun-stocks also sells blanks. Boyd's has full rifle blanks where you can have a for-end to match your stock, also reasonable prices.
Search this forum, also the gunsmith forum, and woodworking forums(these guys have talent). You should be able to find some more post on the subject.
Below is the most recent homemade stock that has been unveiled.
http://www.gboreloaded.com/forums/index.php/topic,224488.msg1099237296.html#msg1099237296 Here is one of the stocks I made from black walnut.
http://www.gboreloaded.com/forums/index.php/topic,158528.0.html Pictures of progress please
Lonny