One-way quantum computing allows any quantum algorithm to be implemented easily using just measurements. The difficult part is creating the universal resource, a cluster state, on which the measurements are made. We propose a scalable method that uses a single, multimode optical parametric oscillator (OPO). The method is very efficient and generates a continuous-variable cluster state, universal for quantum computation, with quantum information encoded in the quadratures of the optical frequency comb of the OPO.