The only cost for this is for five sheets of colored paper. About $2.
Staring with how it turned out (sorry for the crappy image quality).
Step 1: Make Paper Template
I used a perfect circle, 90- and 45-degree lines. And then I drew the holes for the eyes, lightly skewed for comic effect.
Note: this is not the actual template I used, but a fairly accurate reconstruction.
Step 2: Cut It Out
So now I printed the three ghost templates on regular printer paper and transfered them to the colored paper (my ghosts are ~10cm wide). If I had a better printer I could maybe have printed directly on the stiff colored paper, but then I'd risk ugly ink spills on the edges.
Now I looked at the ghosts and scouted the cupboards for a plate that was the right size for pac himself, and outlined him on the yellow paper, drawing the mouth opening from the center with a ruler.
All left to cut are the eyes and the yellow dots pac eat. I used a reel of thread to get the right size.
Step 3: Hang It
Find your support bars. I cut and bent a pair of wire hangers.
With a needle and sturdy thread you need to find balance in the construction. Start by attaching the eyeballs to the ghosts. Then lay out your parts on a table and start tying. Use the yellow balls as counterweights and move the parts around to get a hang (!) on how it works.
When you've got it nice and balanced place a drop of glue on the knots to keep them from sliding out of balance.
Now, just hang it up!
That's all for now! Get more of my ideas at my "craft, DIY and other ideas" blog!