Here it goes...
What you need
Obviously you wil need:
-a hub
-a rim (with the same number of holes as your hub)
-enough spokes to fill the holes (I put a smear of purple grease on the threads of each spoke)(never re-use spokes!)
-atleast as many nipples as you have spokes! (i only have gay, red ones )
-a decent spoke key (buy one if you dont already own one, cheap ones mash the nipples!)
As most of us don't have a truing stand at home, I'll show you how to build a wheel that doesn't need too much truing!

Step 1
Some people like to thread all the inbound spokes into the first flange at this point, but I find it less fiddly to do them one at a time.
Start with the inbound spokes (laced into the flange from the outside), the first spoke should go into the spoke hole next to the valve hole.
Work round the rim, the inbound spokes from the first flange should fill every fourth hole in the rim and every second hole in the flange.

Once the inbound spokes are all laced up for the first side of the wheel, you will be left with something looking like this:


Because we're building a wheel that needs minimal truing, I'm turning the nipples all on the same amount; just enough to cover all the thread of the spoke.
Step 2
The next step is the outbound spokes on the first side of the flange.
This guide is for building a 3 cross wheel, so the spokes cross eachother 3 times in an "over, over, under" pattern.

Carry this on round the whole rim until all the holes in the first side of the flange are filled and and every other hole in the rim is filled.
Don't forget to screw all the nipples on the same amount! This will mean much less truing is needed later on.
When step 2 is complete, you should be left with a wheel looking something like this:

it will not be dished centrally on the hub, it wil look like this from above:
(note the way the nipples are sticking out beyond the rim)

Step 3
Repeat the same lacing technique used in steps 1 and 2, on the second flange. make sure you are taking the correct spoke from the right hole in the flange to it's coresponding rim hole.
Don't forget to wind al the nipples on the same amount!
When you have finished this, the wheel will look reasonably complete:

Step 4
The spokes will all be loose at this stage, they will have a lot of flex in them:


What you need to do to tension all the spokes out is, starting at the valve hole and working clockwise round the rim, put one complete turn on each nipple with your spoke key.
Go round the rim as many times as you have to, to get the right amount of tension in the spokes, but make sure you're giving each spoke the same amount of tension!
Once the tension feels about right, go round and check for any exceptionally loose or tight spokes and sort them out.
It's really important the spokes arent bar-tight (this snaps them) but they must not flex more than about 2-3mm.
Step 5
Stick the wheel in your forks and give it a slow spin, it shouldn't have too much wobble or up-and-down movement if you've done it right, but if it does, just follow normal wheel truing procedures (can't be arsed to explain right now, might make a topic on truing wheels at some point)
Step 6
Stick your rim-tape, tube and tyre on then give it a gentle ride. It will creak and groan a bit while the spoke bed in...
...When you get home check round and tighten any loose spokes.
You may have to do this for the first 2 or 3 rides after a new build, but after it's bedded in theres very little maintenance.
Sam's tip
Don't cross the spokes over the valve hole, leave the parallel gap between the spokes here, then it makes it much easier to get the pump onto your valve
