I think having both the diagrams and the pictures will help the most, although I'm sure its easy to follow along using just the pictures too.
This is my first instructable, but I tried to be as clear as possible when i took the pictures. Enjoy!
You need: Magazine paper! Thread! Needle!
Step 1: Make the Base!
Each step below will correlate to one picture.
1. Make a square by folding the paper and then cutting off the excess. Fold the paper in half both lengthwise and widthwise to make four quadrants.
2. Fold the bottom and top edges to the center fold.
3. Rotate the paper so that the ends open towards toward you, and fold the top and bottom to the center crease.
4. Open one of the flaps and crease as shown to make (see following image) a boat. Repeat on the other side.
Step 2: MAking the Base 2!
6. Repeat on all four sides, then flip over
Step 3: The Actual Ornament
8. It should end up looking something like this.
9. With a needle threaded with about 4 inches of thread, pierce opposite corners of the top of the ornament. Repeat with the two other opposite corners.
10. Tie a double knot at the very top of the ornament, to prevent the corners from coming apart. Then, tie the ends of the thread together so it can hang from your tree.
11. Spread apart the "vanes" of the ornament so they're about evenly spaced.
cue cool spinny picture