Upload & Sell: On
Really the tools you would need bare minimum would be a miter saw, you can go hand saw it will just take time. Going handsaw you would need a miter jig. That is how I started out. Now I have a compound miter saw. Some people say that you need a table saw but that is not true. To get the rabbet you can use a router, or you can make the rabbet with a hand saw. Once again going handsawn will take time and precision. A simple router and rabbeting bit will take a few minutes to complete. You can nail the corners together or if you do not want to have mechanical fasteners shown you can use a biscuit cutter and biscuits for the corners. Buying moulding is cheap, and a 8-10' section you can make many frames. If you are not into woodworking, buy a 2x4 and practice on it before trying moulding. You can buy a 2x4x8 for $1.32, that way you can prefect your miters.
Below is a photo of a coffee table I made for my wife from nothing but a picture on the back of a magazine.