One of the most recognized ways of making your own PCBs is using a laser printer to print your PCB layout and then ironing the pattern onto a copper board for etching. The site that seems to come up regarding this method the most is Easy PCB Fabrication. He has lots of information including which paper to buy at Staples.
Wayne at the DIYC forms posted a video on YouTube about etching boards. It looks pretty goo and can be found at PCB Etching.
AussiePhil from the DLA forums suggested this site, Etching with Air Regenerated Acid Cupric Chloride, as his preferred method of etching.
There is a guide regarding requirements for designs of circuits on the DIYC Wiki. It goes into specifics about the Hardware Design Guidelines required for Coop boards.
Here is a possible etching tank that can be purchased. There is also an etching kit available at Fry's for around $35. Another option is building a tank that can do the etching. This appeals to my DIY side and will probably be the route I take eventually.