First, cut the photo to be 3.75 x 4.5 inches. Make sure that the part you want to be showing is toward the top in the middle. I printed one onto photo paper using my home printer.

Next, cut two pieces of felt the same size and pin the picture in between the felt.

Cut a piece of ribbon about 6 inches long and pin it in between the pieces of felt. Make sure that the part of the photo you want to show is at the top in the front (under the felt of course).

Sew around all of the edges about 1/4 inch from the edge.

{I used my machine...I think that hand-sewing these would look really awesome too!}

Next, sew a line about an inch up from the bottom.

Trim around the edges to get rid of the uneven-ness.

Take the scissors and carefully snip a cut through the top piece of felt, over the photo. Cut about 1/4 inch away from the inside of the seams.

TA DA!

You could always embroider the year or whatever you want really in the white part of the bottom of the polaroid, I think that would look pretty cool :)