I should mention that this is my first Instructable, I'm new to the site.
Update June 21, 2007: I just found a great bracelet that would match nicely, courtesy of llama13, who I just noticed links to here. Thanks, llama13!
Another update, September 24, 2007: Make a processor belt buckle while you're at it! Wow, we're getting an entire wardrobe here! Who volunteers to make the IC chain mail?
Step 1: Collect Materials
Earring Hooks (two)
Jump Rings (I used four, but didn't decide to until later)
Bandsaw (or similar device to cut the circuit board)
Needle nose pliers--it's waaaay easier if you have two pairs
Drill press with 1/16" bit
File or Sandpaper
Step 2: Cut the Board
After selecting the area, cut out the board. I used a bandsaw with a wood blade because I'm too lazy to change blades. It didn't splinter, so I guess it worked. Test it on a scrap board. And of course, don't cut off any body parts. As my dad says, a blade can't cut you if your fingers aren't in front of it.
RaNDoMLeiGH brought up a good point that I hadn't thought of in the comments. Read her comment for a better description, but the basic point is, WEAR A DUST MASK! The dust produced by sawing through silicon can give you a huge assortment of unpleasant respiratory problems, namely lung cancer and silicosis. Wear a mask, use a saw with a vacuum setup, wet it down, whatever you need to do to avoid breathing the dust. It's a much bigger issue than solder. This goes for the next step, too.
Step 3: Smooth Edges
Step 4: Drill Holes
Step 5: Add Hooks
Use the pliers to open all four jump rings. Hook a ring through each earring's hole and squeeze it shut. Then, use the other jump rings to link the first rings and the hooks. Pay attention to direction so that the earrings hang right.
You will notice that in the images that one earring has two rings and the other only has one. I made the one-ring version first, but it hung sideways, so I added another ring to make them hang straight.