1. Wal-mart's craft section has the wooden boards in 5x7 as well as 8x10. With Savy's long name, I went with the smaller of the two which was only $1 or $2, I think. While you're there, get some Modge Podge and a brush.
2. Pick out cute paper at a scrapbook store and some ribbon.
3. Sand the edges of the wood plaques and paint the edges to match whatever paper you chose.
4. Modge Podge paper onto the board and let dry.
5. Order vinyl letters from someone (that's the rage here in Arizona so it's really easy to know someone who does this and it's incredibly cheap -- I think my letters were like $7 or something) and put them on the dried Modge Podged boards.
6. Liquid nail the ribbons on the back and then for good measure put thumb tacks in to make sure they're stable before hanging.
Like I said -- cute, easy and cheap, but also, like I said, I can't take credit since Angie Ras is the one who I stole the idea from -- thanks to Angie.