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If you want to build from source go take a look at the Cyanogen mod site there is a great post on there I think. Also you will need to know Linux, and how to program in Java for starters. The tools will be eclipse, the Android SDK and some form of 64 bit Linux Distro. I recommend writing an app first and once you get that figured out the start working on a rom.
If you are referring to making a Blur rom, i.e. one still based off of Motorola's distribution I would say do a lot of reading and the just start by removing some bloat, zipaligning, deodexing, opti pnging, then including some boot scripts with some kernel and is smoothing adjustments.
If you really just want to theme then I would recommend looking in the themeing forums on XDA to get started.