I followed these instructions:

http://www.fullnet.com/u/tomg/gooteepc.htm

and had really good luck with a small PCB. I used it to make an SOIC to 
DIP converter board and it handled the fine traces really well. The 
concept is basically that you use high clay content inkjet paper in a 
LASER printer, then you use an iron to transfer the toner directly to 
the PCB (and touch it up with a Sharpie permanent marker if necessary). 
The paper then essentially peals off/dissolves in warm water. As for 
equipment, I used a $0.25 disposable plastic food container. The toner 
makes a good etch resist and comes off with acetone (fingernail polish 
remover). A side benefit is that you can also make a component side 
"silk screen" using the same process.

One detail I read elsewhere that I liked: instead of removing the toner 
from the entire board as recommended in the above article, just remove 
it from the pads to be soldered, thereby preventing oxidation of the 
copper. This months Circuit Cellar has an article that goes into some 
depth about doing ones own PCBs (August 2005, pg 75, "Analog Tips and 
Tricks"). He also recommends silver plating the board using silver 
plating powder (www.cool-amp.com). If you buy the commercially available 
papers (which usually cost $1.00+ a page), he recommends using *good 
quality* scotch tape and just tape a piece of it the size of your board 
to a regular sheet of copier paper and running it through your laser 
printer. Even at a buck a sheet this would be quite economical.

Hope this helps.

  --Steve.
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