Again, I know that everyone and their sister is making these right now. I combined this tutorial at The Creative Crate with this tutorial at Fireflies and Jellybeans.
The result was this:
I cut a 2x4 into three blocks. The E is on a 6.5 inch block, and the other two are cut to 8.5 inches.
I sanded the blocks and painted them creamy white. When dry, I sanded the edges for a little bit of a worn look.
At the time I made this, I did not have my Silhouette, so I simply cut the letters out of cardstock with an Xacto knife and Mod Podged them onto the blocks. Simple. I really like the clean, classic look of the black and white, but you could easily use scrapbook paper instead of paint to give it a different character.
As noted elsewhere, a great gift for many occasions!