What I would do is, make the UVmap as Van B explained.
But to actually texture, I find Photoshop or Paintshop pro is best for this (photoshop is much better though

)
look at the texture you want, I usually find wood a good example, don't look at it as a whole texture, think of it as several layers, for wood
1st layer, brown cloudy like texture (Photoshop, cloud filter)
2nd layer, faint rings, use a lighter shade of brown, and the rings are pretty simple, then turn down the opacity of the layer (something like 10-20%, until it look good)
3rd layer, roughness(you can use this layer with 100% opacity as a bump map) you want it to be noisy, so in photoshop I use the noise filter, and adjust it until it looks right
4th layer, knots and dents, just draw the odd dent and knot by drawing them, and turn down the opacity (you can add this to your bump map at 100% too)
5th layer, other details, anything that you want added to the wood
Apply this knowledge to other textures.
Making bump maps.
They should be black and white really. And show the bumpy detail of stuff, you can draw lines and blur them, or use noise etc.
Here is an example, white background, use the thick brush, sqiggle around, leave white spaces, try and make it vaguely water like, blur well and use photoshops' ripple filter.
There you have a water bump map.
Here is an example of the two shown examples in a render

The water is simply reflection plus bump map (be careful with seams, as my image demonstrates)
The wood is made quickly just using filters in photoshop with what I explained above, with an image reference, they always will look better than shown
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