From what I can find, people are using a 4 X 4 piece of wood. Many are buying an 8 ft. 4 X 4 post and having it cut down. Someone said you could get 23-24 blocks from this size.
You'll want to sand the pieces first and then paint them. Some people said they are using ModPodge to attach things to the block.
I would post a link, but I believe they are threads in the demo section. Here is a link to pictures and she listed where she got hers in the comments section.
Gallery at Splitcoaststampers
Hope that helps!