Well, yes.   I would recommend buying the Primitive Bowyer's Bible volume one which as I recall has specific directions on this and what to look for in a stave.
I built one about 3 years ago and it turned out very well... I was very lucky to have been gifted a very nice, straight, knot-free stave to work with.
That's often the big problem... Osage tends to be both twisty and knotty...  This is wonderful for experienced bowyers who like to make "character bows".....  But rough for a first effort.

There are several sources from which you can buy a nice, straight, knot-free stave ready to go.  I would recommend that unless you have access to a lot of osage lumber and are experienced at splitting out staves.

The nature of the wood is that there are two types of layers.. The soft, spongy "new growth" rings, and the hard, durable "late growth" rings.
Ideally, you want a stave with a good, thick, late-growth ring near what will be the back of the bow.
Then, you have to remove any other rings to get to a clear, continuous ring of this late-growth wood.
This is best done with something rather dull.... I used an old machete.  Held in both hands like a draw-knife.
A dull draw-knife is good...
The reason for the "dull" part is that you don't want to be cutting into your late-growth ring.

You just want to peel your way through the spongy stuff to expose that hard, continuous ring.
Once you do that.... Shaping and tillering the stave is pretty much standard as you'd do to anything else.  All work is done on the "belly" side of the bow... the back remains untouched.
(You can smooth it if you like... I put a cosmetic backing on mine... A big old blacksnake skin)

Again, the book goes into considerable detail.   Osage is great bow wood, tough and springy.

After some research, I've learned that you can make OK bows from a standard board, provided it is the right wood and straight-grained. 
https://m.youtube.com/watch?v=bjiPXuuKFa4
Maybe a more appropriate (cheap) material for a first attempt that will probably end up in shambles. 
Thanks for all your advice, though.

ninja-slinger wrote on Aug 7^th, 2014 at 1:01pm:

so what's the difference between a board and a tree stave? virtually none. Nothing is superiour about tree staves.
Learn to tiller with boards. Much easier than learning on a knotty stave.
Shoots better too.

I usually use a razor sharp drawknife(yes, I can shave with  it) when working tree staves.
That, a mora, a giant hoof rasp, and a machete.

Which woods would you guys reccomend for a board bow?

Red oak board your height OR 64" long.
1x2.
Pick one with parallel lines on every side.
Also no warpage.
Actually get several if you can.
should be $10 or less apiece.
mark the centerlines in both ways.
Then mark 6" from the centerline lengthwise.

Mark 1/4" from the centerline at the tips, and then draw lines from the edge 6" mark to the 1/4" mark.
Much easier to draw...