Step 1: Gather Your Materials
Cardboard/posterboard; I reused a big sheet of posterboard I found in the garbage at work. Shoebox type cardboard would be good, too. I don't recommend corrugated cardboard, unless you want the cover super thick, plus it will have lines on it, and may get bent and creased more easily. Plus it is harder to work with.
Duck Tape; Get what ever colors you want the album to be, I just used what I had on hand.
5 x 7 Photo Sleeves; You can get these at an craft store that carries scrapbooking supplies. These cost about $2.50 to $3.00 for 5 sleeves with front and back pockets, so 10 photos in all.
String/Cord/Wire/Ribbon; I used colored wire, also at craft stores. The green cover had a leather cord on, or some fabric ribbon tied into a bow would look very pretty (to a girl).
Pen/Pencil(?); you can get along without it but I'm sure it won't be a problem.
Time; You could probably crank one of these out in about half an hour if you just want to get it done. I probably spent at least 2 hours on the blue one, but I was being very precise, plus the Air Force emblem was tricky.
Step 2: Cut Out Your Covers.
Once you trace your cover, carefully cut it out and makesure it matches the sleeves the way you want it too.
Now do all of that again for the other cover, and make sure they are both the same size.
Step 3: Cut the Binding Section.
After that, cut a 1/4 inch section from the same ends of the covers as you cut the half inch section. Be as precise as you want to be.
Keep the pieces of each cover together and don't mix them up (if you can help it). You should now have 2 sets of the following: 1 cover, 1 1/2 inch strip, and 1 1/4 inch strip.
Step 4: Line Up the Binding and Prepare the Tape.
The pictures describe this step better than I can in words. Pull out and cut a length of duck tape (what ever cover you want the binding/cover to be) that is a little more than twice the length of the binding and lay on your work surface, sticky side up. Lay the binding and cover on the tape in the same order as they originally were before they were cut, so thay they fit together like a puzzle. Try to get them as straight and parallel with the tape as possible, and don't press it down until you are satisfied. The 1/2 inch strip should be about 1/2 an inch from the top of the tape, so that it can fold over and cover it. Once you have the strips where you want them, all neatly in line, peel out the 1/4 in strip. You do this so that you don't change the length of the cover by putting it to close or far away from the 1/2 inch strip. It would look bad if the sleeves stuck out past the cover. Press down the pieces onto the duck tape.
Now cut the excess corners off of the ducktape, and a slit at the other end, so that it will fold neatly onto the binding (see the pictures.)
Repeat this step for the other cover.
Step 5: Tape the Binding.
You should now have both pieces pressed down on the tape and the corner cut. Fold the side flap first and press it down, then fold the long top piece down and press it smoothly onto the binding.
Then Take the long end and pull it across the album and binding so that it lines up with the bottom of the flap you folded first. Press it down smoothly, then flip the book over. Cut off any excess on the end (it only needs to fold over about 1/2 an inch) and cut out the corner so it will fold onto itself without the extra (see the picture). Fold the tape onto the binding, folding the smaller tab before the longer one, and press it down. The binding is now done.
Repeat for the other cover.
Step 6: Tape the Covers.
Now that both bindings are done, you can tape over the cardboard/posterboard in anyway you see fit, and in any color. On the green one I just did straight strips, but on the blue book I was going for sort of a woven/braided look (sort of like leather or linen on the hilt of some swords). It didn't turn out as good as I had hoped, but it is certainly better than just straight lines and made some nice shapes to break up the monotony. I am sure there are all kinds of patterns one can make, so just be creative, and think about what your valentine would like most.
And of course, repeat on the other cover.
Step 7: Hole Punch.
Step 8: Bind the Pages!
Step 9: Decorate Lovingly!!
One final thought: If you want this to last a long time, you might consider getting some packing tape or lamination material and going over the whole cover, especially if you have lots of little pieces like the heart or the Air Force emblem. Duck tape tends to loose it's adherence over time, especially when it is handled often. I haven't done this, but I am considering trying it out.