Wands are definately a very personal kinda thing. Certain woods are considered best for certain uses, but you may work well with a wood thats not on the list...
Birch, oak, holly, willow are all good wand woods, I'm not sure the specific meanings/ uses of each wood.
Some people embed crystal points into the tip of a wooden wand others just use solid crystal wands. Some wrap their wands with copper wire (a conduit).
It is fairly standard to only pick up branches which the tree has naturally shed, and to offer a prayer of thanks to the tree for the piece you take.
You'll want to let the branch dry through before treating it in anyway.
I like to carve patterns between the bark and the "meat" then sand the transitions so its still smooth. Some people paint their wands in which case you'd want to clear coat it to give the image a longer life. I prefer the o natural thing so I scrub the wand with sea salt and clean water then rub natural oils into it. My fave is dragon's blood oil because of the amber color and the strength dragon's blood adds to magik.
Carve patterns or images, words or spells, tie on talismens, feathers, beads, whatever makes you happy. Just try to get a straight piece of wood, energy travels better without the bendies (IMO), and make sure it's comfortable for you to use.
ummm... thats a brief basic overview for you. Google "wand" or "wand making" there are lots of great sites and examples of how different people make and work with wands...
Love and Light,
Ankou
Oh yeah... Storage, mine lives on my alter, it likes the sun