Yup, thats a simple but very strong method. I think marine grade ply is an overkill, it's the highest quality ply, both sides defect free and minimal internal voids. Great if you are actually building a boat,but you pay for the privilage. Normal furniture grade ply should have one good face, the other one is inside the cabinet so it doesn't really matter.
What you do is frame up the stand with the 4x2s then clad the top, back and sides with ply. This braces the 4x2s so the stand cant fold up under the weight. Once you have the structural part done you can add some doors and trim to make it look nicer, depending on your woodworking skills.
4x2s will vary in quality and wood species depending on what part of the world you live in. I believe in the States it may be Spruce, Pine or Fir (SPF). Doesn't really matter in this application, they all have similar properties. Also look at the individual boards, if they have a lot of knots or contain the pith of the tree (look at the end of the board) they are likely to be unstable. So be picky about which ones you use.
Finish the whole thing with a good waterproof finish, spar varnish or polyurethane and it will be waterproof. You are using the same materials as your house is made of, so it's going to last at least that long
Cheers
Ian