The fine folks at Howcast used this project as inspiration for the following video.
Any mention of this project must provide a link to www.zieak.com with credit to Ryan McFarland.
A fairly large flat flexible magnet
Some colored paper, wallpaper scraps, stickers or an old book with illustrations
Step 1: Cut out new clothes for the old magnet
I used a page from a Dr. Seuss book. Hold the magnet behind the image you want to use and hold up to a light or a window. Position the magnet to capture what you like of the page. Place the magnet and page upside down on a table and trace around the magnet. Now you can trim around the tracing leaving about a half inch the whole way around. Cut the corners off as shown in the third picture.