I built several units in the 1990's, but frankly, the way things are these days, an iPod and a remote contolled dock unit is hard to beat. And iPhone or droid with an externally powered set of speakers is also another option.
Your level of programming and small electronics expertise could determine how far you go with making your own callers. Back in the 90's, I was building around cassette tapes and/or CD players as head units, then adding in amplifiers, relays, speakers, volume control heads, etc etc. Back then, I was using wired remotes (50yrds of wire), but these days, getting remote control units is pretty simple.
Spend an afternoon at RadioShak and you'll find pretty much everything you need. Again, for 2012, the common sense move is an MP3 player as your head unit. An MP3 player, some components for a remote controlled dock, an amplified speaker, a "project box", and a battery and you'd be set. Beyond that, you can use a remote control head on the amplifier (speaker power supply), then use the MP3 unit aux jack into the amp.
Or, more conveniently, an IR repeater (or bluetooth transmitter) hooked up to the MP3 player in hand, linked to a receiver with the amp and speaker on the calling unit. That way you could use the MP3 player as the remote (volume control, sound selection, pause/play, etc etc).
So as you can see, the possibilities are pretty broad. You really just need to decide what you want out of your caller, and build a unit to suit. The compact electronics available today make it a lot easier than it used to be.