I've been using a bunch of FREE pallets on some projects here lately and decided to make the Reclaimed Wood Headboard with the pallet wood that I had. Every piece of wood came from pallets and it turned out pretty great.
We're still undecided about if/how we want to stain it....but for now it's all natural'. I made mine a couple inches shorter then the plans called for and an inche or two narrower based on the measurements of our Full Size Bed.
I documented this project as best as I could at: http://www.tommyandellie.com/Site/Home/Entries/2011/7/20_Entry_1.html