I made two longsword wasters and a one-hander from $20 worth of 3/4" ash about a year ago, and they've held up pretty well through two seminars and weekly training with intent.
The one on the left was my first attempt. It has a good heft to it, but the edges have chipped along the grain during sparring, and the hilt needs work. The one on the right has a very comfortable hilt and much more symmetrical crossguard, but I accidentally sanded too much off the blade so it's lighter than it should be. The third one (not pictured) started off as a one-handed sword with tapered blade, but it cracked along the grain halfway up the blade during training, so I'm going to convert it into a dagger.
To make them, I used a tablesaw to cut a rough outline, a bandsaw for more precise turns, and a belt sander to round everything off. The crossguard is two identical pieces held together with sunken bolts and a section cut out for the tang. To make the slots, I just lowered the tablesaw blade to 3/8" and cut from side to side. The waster on the left was coated with linseed oil for color and conditioning, but I let the grain get a little too dry before I did it, and I think that's why it's chipping (ash is supposed to be a premium material, so I can offer no other explanation)...
I've also made bucklers out of 3/4" pine plywood, using a $.99 aluminum mixing bowl from Walmart for the boss.
However, let it be said that at this point in my ARMA studies I need to either spend some time making a high-quality new waster, or just buying one of WoodenWeapons.com's fine products. Whatever I do, these will work well as loaners.