There are several ways to do it. The method I have used for years:
1. You must make templates to form the balsa arund. They can be from balsa or I use foam meat trays. Rub a crayon or wax on the edge so the laminations don't stick to it when the glue dries.
2. Use at least 3 lams of 1/32" balsa (the thinner they are the less likely they will crack.
3. Spray the strips with windex or any other ammonia based glass cleaner. The ammonia softens the balsa considerably, and you don't have to wait.
4. Make a mixture of 50% wood glue and 50% water.
5. Take 3 strips of the proper width 1/32" balsa and coat the center strip with the glue mixture on both sides. Sandwich it between the other 2 strips.
6. Pin the beginning end against the form and start to pull the laminations around the form. Place pins in strategic places to help hold the strips against the form as you go.
7. pin the end in place when you get to end of the form and cut away the excess.
Below are two pics from my spitfire build: