For some fantastic inspiration for your own variations, check out Maria Cristina Bellucci. (Thanks for the link meatchris!)
Step 1: Collect Supplies
hexagonal colored pencils (You can use other shapes, but you risk having gaps between your pencils which may lead to a weaker structure)
super glue or epoxy (I used E6000. It was a big mistake. You need a glue that dries clear and HARD. E6000 dries rubbery. When I had to re-glue pieces, super glue worked fine.)
jewelers saw or hack saw blade (I used these interchangeably. If you don't have a jewelers saw, you will need a very large drill bit or require a lot of extra sanding.)
drill bit (with a jewelers saw, you can use a small bit. With no jewelers saw, you need a bit as close to your finger size as possible.)
dowel/knitting needle/round pencil
Step 2: Arrange and Glue
*Once you've decided, tape each row on one side to aid you in gluing them together. I only applied glue to about a third of the pencil so that I could use the rest for another project.)
*Once they are taped, add glue to the appropriate sides. When each row is dry, glue the rows together.
*Once everything is glued, tape the entire bundle at both ends
Tip: Be sure that you pay attention to the entire length of the pencil. It needs to be straight from one end to the other.
Tip: Even if you choose not to glue the entire length of the pencil, don't cut the rest off until you absolutely have to. The extra length will help you grip and control your project.
Step 3: Cut a Hole
If you have a jewelers saw:
I used a large bit to drill a hole and then used the jewelers saw to make the hole bigger.
*Use a small bit to drill a hole that your saw blade will fit into.
*Make a template with an existing ring. Trace it onto your pencils as a cutting guide.
*Cut your hole
No jewelers saw:
Use a drill bit that is as close to the size of your finger and drill a hole in your bundle.
Step 4: Sanding and Shaping
Various sanding methods
*tape sandpaper to board and rub pencils against it
*tape sandpaper to small scrap wood and rub it against the pencils like a nail file
*wrap sandpaper around something round
At this point, you can also cut shapes out of it with your saw or drill more holes. Make it yours!
Step 5: Bottoms Up
I made three cuts. One straight and then two diagonals.
This is a tricky step. You have to pay attention to all angles when cutting the diagonals. I suggest starting your cut looking down on the top of the ring. Then turn the ring on each side and begin cutting a diagonal that is parallell to the hole. Cut a bit and rotate, cut and rotate, cut and rotate, until you've cut through.
Once you've made all three cuts, keep sanding until it's smooth.