Traditionally, a strop was a long dangly of soft leather that you whipped around the blade. The ones I make are a bit different and are designed to be portable. I have no problems sharing it with everyone - its simple and anyone could make one - its no trade secret.
I use the heaviest, hardest, densest cowhide available - that usually means using "sole leather" =- meant for shoe soles - this stuff is TOUGH - can't even be cut with a boxcutter - some poeple use bandsaws ! I cut 2 or 3 long strips with straight edges about 6-8inches long x 1inch wide. Wash them in hot water well and lay them flat - this removes any of the tanning chemicals that could damage good steel. When dry, I then glue them one on top of the other with contact cement, compress and then drill holes through them and rivet them together or stitch them (more trouble). Grind the edge flat on a belt sander at 180 or 240grit.
The active stropping portion is the EDGE of the leather pieces. The other guys have already talked about the polishing compounds - I like the green chrome stuff. You can rub the edge into the compound to pick it up and then blast it with a heat gun or hairdryer to melt it in. Or use a dropper and soak the edge of the leather in methylated spirits and rub it against the block of compound. The spirits dissolve the wax and allows it to soak into the leather surface. The hard strop has 2 edges, I only coat one side with compound - the other side is left bare and burnishedsmooth with a polished steel rod. After stropping on the "compounded" edge, clean up the edge with the bare leather side to remove any residual wax or gunk.
I find this type of strop to be better than the soft leather ones. It is used just like a sharpening stone and being hard, it doesn't round off the edge too quickly. It portable and you can put a hole through it and tie a lanyard so you don't lose it. You can oil the leather if you want, I don't find it necessary. The leather edge can be recoated anytime and if you really need to clean it, grind the leather back maybe 1/20 or 1/10 inch and recoat. You can't do that if you are using the smooth or rough back surfaces of the leather.
The hunters I sell to here tell me it works well. I use it to hand hone every knife I make. What do you guys think ? Anyone want to try and make one for themselves ?
Cheers.