Garrett Wade make the job of building frames easier. I no longer see them on their website, which is really a shame, since they have worked so well for me. I like the look of a floater frame and learned how to make them while I was at The Lyme Academy. There we had some serious clamps that were mounted to the large worktables in a big bright studio. Now I make my frames in the garage, but they are no less for it.
Basic Equipment: Miter Saw (the miter box and hand saw I found very difficult to get exact cuts, which you must have). Clamps, glue, drill, a flat surface especially if you are doing a large frame.