Making a gun is not too hard - I would suggest reading alot about it - there are some good threads over at deeperblue ...
In the meantime here is some basic info to whet your appetite:::
Wood choice
----------------------
Teak --->
Good resistance to water as has a high silica content.
Not too dense / heavy.
Works pretty easily but can chip a bit and tends to blunt tools due to high silica.
Mahoghany --->
Another popular choice - works a bit more easily than teak in my opinion.
Tends to have a smoother grain than teak and is less prone to chipping.
Loads of other kinds of wood - personally I would choose teak - it requires a bit more work but this is negligable (it is a bit 'oily' so care needs to be taken with gluing - not an issue really).
Construction
---------------------
Definitely laminate.
Buy a lump o' wood and either hand cut the laminates or get the lumber yard to band saw it for you.
You could use a solid piece but wood moves when you work it and moves after you have finished it too - there are natural stresses in wood - you laminate to counteract these.
Smooth/square the edges and glue.
Glues
---------
Use a good epoxy like West System slow cure.
Dont use a standard wood glue....
Shaping
-----------
Look at alot of wooden guns and decide on the type you are interested in making.
80cm ? 100cm ? 105cm ... etc
The gun is often dictated in part by the configuation - ie a 7mm/140cm spear might not match a thin 80cm gun.... do some research or look at manuf. sites.
Handle
-----------
You could buy a plastic one (personally ... and this is my opinion... it is a crime to go to the time and effort of making a nice woodie and then spoil it with a lump of plastic on the end

). However there are strong arguments from gun representatives in the US that plastic is far superior....
It is pretty straightforward to cut / shape and join a wooden handle - also looks better (IMO).
Choose a wood that has a nice figure and maybe is a bit heavy / higher specific gravity so it balances well / looks nice.
Trigger
---------------
You can buy a trigger from many sites and companies - popular ones include the totemsub ones and the abbelan ones - from totemsub and from subprof respectively....
Finishing
-------------------
Couple of coats of the epoxy you bought for laminating (agree with Dos - scrape inbetween - buy some cabinet scrapers - cheap as chips and last longer and better finish than sandpaper) and then a couple o' coats of UV varnish (traditional oil yacht varnish (may yellow with age) or a more modern polyurethane yacht varnish with UV inhibitors).
Rig.... dive .. point .. shoot ...
Hope that helps - ask any more spcific Q's after you have done some reading ...