How to carve a DSLR out of balsa wood
Inside the online Canon Camera Museum lives a tutorial on how to turn glued balsa wood into a life-sized camera model, just like industrial designers do when mocking up real products.
Balsa Wood Mock-Up Modeling Tutorial [Canon via Core77]

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Totally awesome. I tend to use a lot of Renshape, which is a dense urethane foam for modelling, since it doesn't have a grain.
For quick mockups to test ergonomics I'd be more likely to use polystyrene insulation foam because it's cheaper than Renshape. But the balsa model here is fantastic and would take a lot more abuse than a polystyrene model.