i've built over a dozen speaker cabs for guitar in the last 10 years or so -- here's a vertical 2x12 i just finished: http://www.his.com/~sha3u/gear/2x12v.jpg (the corners were in the mail!). if you're handy, it's easy to build a detuned cab that is fully functional, and how much money or work you put in beyond that just determines how fancy it is.
you'll have several decisions to make before you start -- what size speakers, and do you want them mounted on the back of the baffle board like in marshall or recto cabs, or mounted through the front like the older boogie cabs and many others? a very subtle ear can detect tonal differences between these mounting styles, but i can't remember what they claim the differences are.
what cab dimensions, and open back or closed? for this, it's best to copy the general design from a cab you like the sound of. for example, if you want a chunky metal tone, you want a closed back cab like marshall and the rectos. if you want a brighter Fender tone, open back. dimensions aren't so hard and fast, and bigger is always better -- that 2x12 that is 16" deep because that's the height of the trunk of my car!
then you can get to construction details like materials -- voidless birch ply makes great cabs, but you can do just as well with regular pine ply, pine shelfboard, or even mdf. you can cover the cab with fuzzy carpet or tolex using contact cement, or for a cheap gigging box you can just paint it black. lots of places sell amp corners and handles and casters.
the thing to remember with guitar cabs is that they're way less high-fi than PA cabs or even bass cabs. loose dimensions are important, but you're not tuning the box to bandpass a specific frequency or anything, so you don't need to calculate interior volume and all that stuff they do for PA cabs.