Step 2: Fold (AKA Hamburgers and Hotdogs)
Fold the paper in half hamburger style. The paper should go from being 11in by 8-1/2in to being 8-1/2in by 5-1/2in.
Fold the paper in half hamburger style again. In this fold you will bring all four corners of the paper together. The Paper should go from being 8-1/2in by 5-1/2in to 5-1/2in by 4-1/4in.
Fold the paper into sort of a triangle by bringing the folded edges of the paper together. The pointy (45deg corner) should have nothing but folded edges.
Note on folding: These folds should be made carefully, but do not need to be perfect. More important is that they are crisp. Be sure to run your thumbnail or pen along each fold to get it nice and tight. Also, I don't know why it is, but folding paper is one of the most difficult things to describe with words. If after reading this and looking at the sequential photos below you still have difficulties, post them in the comments please.