Jeffrey Way of net.tutsplus.com created a series of articles on that site which converted a PSD to an HTML/CSS template. The article was called Convert a Warm, Cheerful Web Design to HTML and CSS and his final intent with the series was to convert the template into a WordPress theme. This has not been done yet but here is a link to the code I have generated to convert this into a WordPress theme.
There are still some elements of my theme that are not finished but it does represent a good start, there are plenty of questions about it that remain to be answered. As these questions get answered, I will make updates to the zip file pointed to by the link shown above.