As of tonight, I've made 4 hammocks, 3 overcovers, 1 underquilt, 1 top quilt, and a speer-style tarp. All with no instruction or prior experience.
My tarp seam is far from straight, but it works well anyway.
Ramblinrev's videos were a big help... Go for it, you won't be disappointed.
The only thing I would do first is review these two sites: http://tothewoods.net
The only difference between my hammocks and Ed's instructions is I don't tie knots in the ends, I whip the ends. Lots of info on whipping in this forum... it's easy...
Oh, and instead of tying to the tree, I use cinch buckles from Arrowhead equipment...