The list is simple, cheap, and easy.
1: soda can
2: tape (optional) (any tape that isn't clear and won't let too much light out. Use this to cover any problem areas.)
3: flashlight or tea light candle or other source of light
4: pin or needle or any other hole-poking device (optional)
5: craft knife or razor blade
7: paint (optional)
8: wire hanger or a form of handle (optional)
Step 2: Empty Your Soda Can
Seems pretty straight forward. But depending on the source of light your using, whether it be a candle or a flashlight or even an LED, you might want to think about whether you want to open it from the pull tab or poke a hole in the side.
Step 3: HOOOOOOLESSSSSSS
This step is the creative step. The part where you decide what shape the holes are going to be in your can. I'll list some options, but ultimately it's up to you.
A meaningful statement or word
Holes everywhere to look like stars
Large square for an open lantern
Make holes with with pin to mimic stars, cut our letters to make words, or cut out any shape or design you wish.
Step 4: Cutting
Take your scissors or craft knife and make a cut towards the bottom of the can, and then two cuts two make it into a flap. Make sure the hole is big enough to fit your candle or other light source in.
Step 5: File Down The Edges
File down all the edges created by cutting with sandpaper, a nail file it metal file. This way you won't cut yourself. Cover all the filed edges in tape.