Chip grafting also known as Chip budding is a fairly easy grafting method to master. Instead of grafting an entire shoot onto a root stock, just a single bud is grafted on.Not only is it relatively simple it is highly efficient.
With chip budding, a bud on a chip of the trees wood [with bark] is inserted into a compatible notch on the host - the root stock. Chip grafting is carried out in late summer and early autumn.
Before proceeding, you will need a suitable root stock to graft into. Rootstocks can be purchased from rootstock growers or they can be raised from seed or cuttings. The rootstock must be a related tree indigenous to the area in which it is planted. Not that I'm comparing apples to oranges, but you can't graft an orange onto an apple tree. You can however graft a pear onto an apple tree, a lemon onto an orange tree and a stone fruit such as a peach onto a plum tree and vice versa.
The highest success rate is with trees grafted to their own kind, such as one variety of apple onto another. The most interesting results however, although not as easy to attain is grafting various cultivars of related fruits together.
One creative botanical artist produced a fruit tree with 40 different stone fruits on the same tree - See : Fruit Salad Trees. Syracuse University art professor Sam Van Akens tree is comprised of 40 different branches from various stone fruits. Plums, Peaches, Apricots, Cherries, Nectarines and even almonds of assorted cultivars all grafted together.