Basically, you sculpt whatever it is. Then you get plaster of paris (the material for stepping stones, and drywalls) and mix it with water, then plunge your piece in there. I ONLY have done open back molds, meaning, you cant cast anything with a different shaped back, other then flat.
I use liquid latex, firm grade, from Monstermakers, for my casting material. I then pour it into my dryed out mold (let the mold set for 24 hours) all the way to the top. Wait a half-hour. Then dump it back in. It will leave a thick "skin" on the mold. Wait 3-4 hours an remove from the mold. You should now have your sculpt, just in latex.
I started with something simple, a half of a Batman Begins Gauntlet (Forearm guard) fin.
Here is the object I am molding. A Batman begins fin, cut out of a cereal box, and glued together.

After molding one side.

Never got a good latex cast out of this, so no pics.