I have been working on easy projects that look awesome, and won't break the budget, all based on rather difficult projects that require a lot of learning.
So here is the first in my set: Woodblock Printing.
First come up with an idea you'd like to see repeated. I like doodling while watching Phelps kick some butt! At least that's my excuse for this badly done piece.
Here is a good tutorial for getting an image you like down to just black and white: http://www.cutoutandkeep.net/projects/stencilling_tutorial
You can do this with multiple colors, as well! Just more pieces of foam and more acrylic paint.
Gather your foam.
I found this stuff with the sticky stuff already on the back. It wasn't that expensive ($4.75 for the brick) and was worth not having to deal with finding a foam adhesive with just enough tack.
Stick it to pieces of foam board the size your want your picture and trim down. I trimmed then stuck. You could also get a large sheet of foam board (about $5-$7) and then cut out the pieces that way.
I used black foam to help me remember that what's sticking up is going to have ink on it. I drew out the simplified design with a white pastel pencil and then cut it out with a VERY sharp exacto knife. Dull will not work. Use the knife to help peel off pieces of foam. Don't worry if some of the foam board comes off.
Then I used a foam roller to spread my ink on evenly. You don't need a roller, but as a former printmaking student I needed it.
Test! See if you need to cut out more, or where the paint isn't going to stick as well. See where you need to press harder.
Test, test, test!
Use some good paper, or have the final image ready for binding in a book! Use all forty sheets and tell a story without words! (An awesome book about story wood cuts can be found at your local Books a Million in the comic book section. I do not have it as it's about $35, but I'm so getting it!)