mshilarious said:
Maybe somebody that's done this can chime in?
Well, I just do it the cheapest, dirtiest, fastest way. Not the prettiest boards in the world, but perfectly functional.
You need:
1) A plastic or porcelean tray larger than the board to etch it in (throw-away ziplock type food containers work fine)
2) Ferric chloride or other etchant (get at RS or local electronics store - ~$5.00 for 16 oz or so - enough for several boards)
3) Copper clad board (again at RS <$5.00 for sizes up to 6X8" or so)
4) Sharpie extra fine point marker - the one known as "Industrial" works best - more resistant to etchant
From the schematic, draw out the traces you will need on pencil and paper. Make sure parts sizes match your traces (for this reason it's better to have your components available for sizing - different resistors and especially capacitors can come in random sizes)
Once you have that drawn, then you need to copy it (by hand) with the marker to the copper clad board. Make sure the board is clean and has no oil residuals on it - I wash it in soap and water pror to marking, and try not to let my hand or fingers touch it.
Pour etchant into the tray, and immerse the board face up in it. You just need enough to cover the surface. You can heat the solution with a hair dryer to get faster action. Here in Arizona I just do it outside in the summer -
110F seems to be a good temperature.

Rock the tray slowly back and forth to agitate it.
When all the copper's gone (it will etch faster on the edge, slower to center), remove the board and wash in water. You can remove the residual marker with steel wool or similar.
Next drill the mounting holes with a small drill (#60 or thereabouts I think - they only have to be big enough for the leads to go through)
The board is done. Dispose of the etchant according to your local regulations - the copper chloride now in the etchant is toxic to fish and other environmental flora and fauna - don't flush it down the toilet. I keep mine in a plastic jug that I haven't figured out what to do with yet.
Attached are before and after pics of a board.