Start with a simple schematic, maybe a 555 timer flashing an LED[1]? Grab a PCB layout program, such as gEDA/PCB [2], Eagle [3] or an old version of Protel. You can even use an everyday drawing package, such as Inkscape for really simple boards, if you think a CAD package is too complex. Alternatively, use a resist pen [7] to draw the circuit directly on your blank PCB.
Buy a PCB making kit, which includes a blank piece of PCB, chemicals and instructions [4]. Follow the instructions [5]. Solder the components on [6]. Turn on the power!
[1] http://www.instructables.com/id/Flashing-LED-using-555-Timer...
[2] http://pcb.geda-project.org/
[3] http://www.cadsoftusa.com/eagle-pcb-design-software/
[4] http://www.jaycar.com.au/productView.asp?ID=HG9990
[5] http://www.jaycar.com.au/images_uploaded/pcboards.pdf
[6] http://www.staff.vu.edu.au/sokolov/library/datasheets/solder...
[7] http://www.jaycar.com.au/productView.asp?ID=TM3000
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Edit: add resist pen suggestion