Start with a straight 4-by-4 as the center of your column. Cut the 4-by-4 to length according to the height of column you want. Cut four panels to the same height, 5 and 1/2-inches wide from 3/4-inch hardwood or MDF, depending on the style of column.
Set your table saw to cut on a 45-degree bevel left by adjusting the blade angle set on the front of the saw and set the fence to the right of the blade, adjusted so that the blade cuts directly on the corner of your panel. Bevel both long edges of each panel.
Mark a rectangle in the center of each panel, centered side to side and top to bottom. Make the rectangle 2 and 1/2-inches wide and 6-inches shorter than the column. Cut the rectangle out using a jigsaw.
Choose a router bit with an ogee profile and a bearing that you like and install it in the router. Turn the two collet nuts opposite each other to loosen the collet, using two wrenches. The outside nut goes counterclockwise, while the nut closest to the router turns clockwise. Insert the bit and tighten the nuts in the reverse order.
Release the barrel adjustment on the router and turn it so that the bearing will ride along the bottom edge of the 3/4-inch panel edge. Set the panels so that the wide face is up, with the beveled face down. Set the router inside the rectangle you cut and start the motor. Run the bit around the rectangle counterclockwise to cut the detail into the inside edge of the rectangle. Repeat with each of the four panels.
Cut eight pieces of the same material you used for the panels 6-inches wide and 6 and 1/2-inches long, with 45 degree miters on each end. Cut one right and one left, with the pieces standing on one 6 and 1/2-inch long narrow edge with the piece firmly against the fence. Make the cuts run directly down the corners, so that the back face is 5-inches wide between the edges of the miters.
Rout one 6 and 1/2-inch edge of each piece with the same bit and height setting you used for the panels. Glue and nail two of these pieces to each panel, one at each end, with the flat edge of the smaller piece flush with 5-inch end of the panel and the miters aligned on both pieces.
Fill any irregularities in your 4-by-4 with solvent based wood filler and flexible putty knife. Allow the filler to harden and sand the 4-by-4 and all four panels with 150-grit sandpaper.
Glue and nail the four completed panels to the 4-by-4, one on each side, with the narrow face of the panel against the face of the 4-by-4, to wrap it on all four sides. Align the beveled edges of the panels to create crisp 90 degree outside corners. Nail through the beveled edges to fasten the panels to each other every 10 to 12 inches with a pin nailer and 1 and 1/4-inch nails.