I originally saw the tutorial for this adorable wreath here.
Her instructions are so thorough that I am not going to re-invent the wheel here but I did want to share my own pictures with you. The wreath is not complicated and makes an inexpensive give (Christmas, anyone?) I purchased the book I used at the Goodwill for $1 and used scrapbook paper that I already had on hand. It did take some time to do but I think the end result is certainly worth it.
There are other variations of this idea: