Upholstering the headboard went a little something like this...
We got really really lucky and some friends right down the road had an extra headboard just lying around. I know. What are the chances? We had already planned that we were going to make the headboard ourselves and priced out the plywood at $75. I would suggest stalking Craigslist and I think you could find something cheaper and would save a lot of annoying sawing if you are wanting a specific shape.
(Thank you Jaime and Harry! You have no idea how miserable my life would have been listening to Doug try and make this.)
Next, I got some material to cover the stripes so it would not show through the fabric I chose.
Staple here...staple there.
Wah-lah. Headboard done. Easiest thing ever even though we cheated. I love it. I think I am moving into the guest bedroom so I can hold it and cuddle every night.