Sephiroths-Shadow on DeviantArt recently designed and crafted a Zelda keyblade.
You can see some close-up images of the finished blade above, but Sephiroths-Shadow has the full creation process posted on their DeviantArt and Facebook page. Sephiroths-Shadow is calling the blade, The Guardian of Hyrule. Here are some more details about the keybalde, which took about two weeks to make.
The keyblade is entirely composed of MDF except for the green deer skin wrapping the handle. The pieces were cut out with a jigsaw and hand carved with a knife and assorted wood working tools. The total length is exactly 4 feet not including the keychain and it took about two weeks to finish. That includes coming up with the design, cutting and carving, and then painting.
[Source: Sephiroths-Shadow on DeviantArt, Facebook via Reddit, ZeldaDungeon]