I made a pac man paper mobile for my baby niece and her parents last winter. This is how.
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 free formed three paper ghost templates in photoshop. One for each eye possition (lookin up, down and sideways).
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.