I think we might make these this year for my daughter's birthday party.
There is a tutorial here http://wheredoyoufindthetime.blogspot.com/2009/10/cheap-and-easy-pendants.html
I found my glass stones at the dollar store
and the jump ring, spacer, and glue at Hobby Lobby.
I like using the oval shaped rocks and my fabric catalog for the paper. You can use a picture from any magazine. You have to make sure when you mod podge the paper on you press all the air out.