Here is a fun little craft I did a few weeks ago. Easy as pie!
All you need to do is buy the letters, get some fun paint colors, buy a wicker wreath from Michaels and wa-la! It is the cutest little christmas touch you can add to your home (mine is on my bookshelf), your desk at work, or give it as a gift to a friend. All in it cost me $9.00!
You can buy the letters here for $2.50/e
You can buy the wreath from here, just search wreath and there are all sorts of colors and sizes. Mine was $1.50.
*A fun idea for the letters is to pick a fun paper that is textured or printed and modpodge it on!