I am currently working on a rendition of Elucidator (the sword he got on the 50th floor, introduced in the Lisbeth story "Warmth of the Heart").
My method is pretty much what StabbityBlkMage has mentioned: Wood (poplar, to be precise), jigsaw, router, sandpaper. The other parts can be made from dowel rods, bondo, and more wood, though I've taken to adding a bit of sintra into it.
Now, not everyone has a router, let alone a chamfer or banding bit laying around. If you're patient, you can use a $10 rasp (aka wood file) to do the edges.
Paints are your choice. I prefer basecoat + clearcoat automotive paints.
The link is to my pattern. I normally don't give stuff like this out for free since it took me a stupid amount of time in illustrator, but...eh, it's a gift.