You can find a full tutorial on Chic Cheap Nursery, here.
Now this isn't limited to a nursery project! You could do this anywhere in the house with any shape you can find. They make the paper punches in MANY different shapes!!! I just love this butterfly one!!! But a dragonfly shadow box would be pretty amazing too!!! Maybe some hearts... actually it would be super cute to put a picture in the middle and have hearts popping out all around the edges!! Just a cute idea!
Anyway that's my two cents for the day... this weekend it is our anniversary so we may or may not get around to any projects... we'll see!!! Have a GREAT weekend!!!