You define paragraph columns with a fixed width (why?) which adds up to more horizontal space than the usual article class (for example) provides for \textwidth. (Especially the first p column is questionable, I'd just use the l column here.)
Here some ideas how to improve the table (without changing the cell's or head's content).
Code
\documentclass{article}
%\usepackage{showframe}
\usepackage{graphicx}
\usepackage{booktabs}
\usepackage{tabularx}
\newcolumntype{R}{>{\centering\arraybackslash}X}
\newcommand*{\leftHead}[1]{\multicolumn{1}{>{\raggedright\arraybackslash}X}{#1}}
\newcommand*{\leftHeadV}[1]{\multicolumn{1}{>{\raggedright\arraybackslash}X|}{#1}}
\newcommand{\rotHead}[1]{\rlap{\hspace{-.7em}\rotatebox{45}{#1}}}
\begin{document}
\small
\begin{table}
\centering
\begin{tabular}{lrrrr}
& \rotHead{Volume per Longboard ($\mathrm{in}^{3}$)} & \rotHead{Mass per Longboard (lb.)} & \rotHead{Volume for 5,000 units} & \rotHead{Cost for 5,000 units (\$)} \\ \toprule
Polyurethane & 2 & 2 & 2 & 2 \\
Bamboo & 3 & 3 & 3 & 3 \\
Aluminum & 4 & 4 & 4 & 4 \\
Steel Alloy & 5 & 5 & 5 & 5 \\ \bottomrule
\end{tabular}
\caption{A summary of materials in the longboard with cost calculations.}
\end{table}
\small
\begin{table}
\centering
\begin{tabularx}{\linewidth}{|l|R|R|R|R|}
\hline
& \leftHeadV{Volume per Longboard ($\mathrm{in}^{3}$)} & \leftHeadV{Mass per Longboard (lb.)} & \leftHeadV{Volume for 5,000 units} & \leftHeadV{Cost for 5,000 units (\$)} \\ \hline
Polyurethane & 2 & 2 & 2 & 2 \\ \hline
Bamboo & 3 & 3 & 3 & 3 \\ \hline
Aluminum & 4 & 4 & 4 & 4 \\ \hline
Steel Alloy & 5 & 5 & 5 & 5 \\ \hline
\end{tabularx}
\caption{A summary of materials in the longboard with cost calculations.}
\end{table}
\begin{table}
\centering
\begin{tabularx}{\linewidth}{lRRRR}
\toprule
& \leftHead{Volume per Longboard ($\mathrm{in}^{3}$)} & \leftHead{Mass per Longboard (lb.)} & \leftHead{Volume for 5,000 units} & \leftHead{Cost for 5,000 units (\$)} \\ \midrule
Polyurethane & 2 & 2 & 2 & 2 \\
Bamboo & 3 & 3 & 3 & 3 \\
Aluminum & 4 & 4 & 4 & 4 \\
Steel Alloy & 5 & 5 & 5 & 5 \\ \bottomrule
\end{tabularx}
\caption{A summary of materials in the longboard with cost calculations.}
\end{table}
\end{document}
Output

tabularxpackage and specifying\begin{tabularx}{12.8cm}{|*{5}{X|}} ... \end{tabularx}? – Mico Nov 19 '12 at 4:12