There are a bunch of different ways to do this. The way I did it was to insert black-and-white tarot cards into it in Photoshop, print it out, and color it in with markers. But even if you're not down with the computer graphics-making, you could just print out the template and add images manually, with paints or markers or cut-paper or stamps or whatever's your thing. Cut it out, score along the lines between the sections, fold it, tape it together, and there you go. Three-sided hangy ornament thingie.
Here's the template. Click on the image to get the full-sized version.