Here's my daughter and two nieces in California in March of 2009. I made the frame out of cardboard. The paper, ribbon and button are all scraps and the letters are from Cosmo Cricut. I glued magnets to the back to hang on the fride.
First-trace the picture on a piece of cb, next determine how wide you want the frame part to be (I used the width of a ruler to make sure it was even all the way around). Then cut the inside of the cb out (go about 1/4" inside of the picture size). Attach the cb to your paper with tacky glue, leaving about 1" on both inside & outside of frame (more if you frame is larger). Cut the corners diagonally, fold over and glue all the paper to the front of the cb. For the back, cut a piece of cb a bit smaller than the front and attach on all sides but the top. I used close pins to keep everything together until it was dry. If you want ot protect the picture, cut a piece of thin plastic and slide in on top of your picture.