If you want to turn wood to make spindles or decorative chair legs, you're going to need a lathe. Rather than spending a fortune on expensive hardware, you can put an old drill to good use instead.
We've already looked at creating a mini-metal lathe, but Hack A Day highlights a video by Jack Houweling in which he shows how to create a wood tool instead. There are no particularly specialist tools involved, but a degree of workshop competence is needed.
The end result may not be something you could use on an industrial scale, but it seems to work well and serves as a gentle introduction to using a lathe -- it's certainly a cheaper option than buying a full-sized model.
Check out the video for full instructions.