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
Trim the magnet if you need to make it square. You can save the scrap pieces to make small magnets by gluing small images right to them.
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.
Step 2: Glue the Page to the Magnet
Use a glue stick, contact cement or mod podge to attach the page to the magnet.
Step 3: Variations
To simplify this even more just take stickers you like and put them on magnets you don't. Then just trim the excess off.
Or cut a window out of the center of your magnet (easily done on a cutting board with a utility knife or hobby knife). Then use the magnet to frame photos on your fridge.