Making stocks from a blank is easy - just remove all the wood that doesn't look like a stock.
Seriously though, you should start with a lot of reading. There are some excellent books on the subject.
Some are:
Modern Gunsmithing(1933) by Clyde Baker. It was modern for it's day. It's a good reference for layout and the use of specific handtools. Ebay
The NRA Gunsmithing Guide. Out of print. Ebay
Riflesmithing by Jack Mitchell. Ebay
Do a 'gunsmithing' search on Ebay. You'll get a lot of hits. Also, Amazon.ca and chapters.ca are good sources.
I use the following power tools
drill press with Forsner bits for hogging out the magazine mortise
band saw for trimming the blank
router for more hogging for the action and barrel channel. Be very careful with this tool as it can get away real fast and cut where you don't want(ask me how I know).
cordless drill
Dremel with sanding drums and wood bits
Hand Tools
a set of gouges I got from Brownells years ago. A better source is Lee Valley. My favorite gouge is a Lee Valley 3/4" #3. I use it to clean up the mag mortise and to do the barrel channel. If you read Modern Gunsmithing, you will see how it's done.
cabinet file and cabinet rasp from Lee Valley.
block plane.
micro planes from Lee Valley
plastic or wood mallets
sandpaper. from 60 to 600 grit
inletting screws, stockmakers screws and inletting black from Brownells
steel ruler 18"
I'm sure there's other tools but most of all you'll need:
LOTS OF PATIENCE
Sources of decent and dry wood
Dressels.com (They're having a sale on some of their English walnut)
Goby.com
Here's one I did from a blank