I actually made myself a Ragnell for my Ike cosplay during the summer. The blade was constructed out of pine and the handles were made out of two separate wooden dowels (of varying diameter). The dowel handle closest the hilt was caved down with a whittling knife and then sanded. I used paper clay to sculpt the details on the other dowel. The handguard portion of the hilt was made with a combination of paper clay and paper mache. Paper mache was used as a base onto which the details were sculpted with paper mache.
Yeah I really don't have much time right now to go into a lot of detail but if you want to see pictures of it they can be found here
or you can view them by clicking on my signature. I have not gotten pictures of the final version of the Ragnell I made (I repainted the blade and glazed the entire thing). Hopefully I'll get pictures of the final version up soon. Also if you have any questions feel free to AIM/Yahoo messenger me. I am usually online.