Building a guitar stand is easier than you think. Sure, your guitar might have a case. But many guitarists will tell you to leave your instrument in an easily accessible place so you'll play it more often. Guitars are complex structures; even leaning one against the wall can eventually damage the neck and sometimes the body. Not to mention that having your "axe" on display makes for a great decoration or conversation piece.
Place the wood on a flat surface. Put the guitar heads on the wood to help calculate the amount of space you will need for your stand. Mark the wood where the hooks are going to be.
Leave the guitar on the wood for reference. Make a pencil mark directly under the headstock. Draw a straight line across the wood; this is where your guitar will be resting.
Drill the guide holes for the hooks.
Drill a single hole on each flat corner for the mounting screws.
Screw in the tool hooks. You should be able to screw them by hand into the pre-drilled guide holes.
Mount the wood to a wall with the 3-inch screws. Use the washers to prevent the screw from going through the wood. Use the level so your guitar hangs evenly.
For a finished look, stain the wood. If you decide to stain before building your stand, allow the wood stain to dry to avoid getting it on your guitar or anything else.