It's pretty easy to do with just a couple of items.
Vase (any shape could work, but in my case this is a $1 cylindrical vase from the Dollar Tree)
Sleeve from a sweater (in this case, it was a girls cableknit sweater, but most would work)
Ribbons (just bought today on sale at ACMoore for $2.50/roll... cute!)
Total: $3.50 and I still have 2 yards of ribbon left.
Steps (sorry, no step by step photos):
1. Slide the sleeve onto the vase. In my case, I made sure that the sleeve was a few inches longer on each side. At the top I placed the cuff and let it hang over a bit.
2. On the bottom, I trimmed the sweater and pieced it like a pie across the bottom. I used the hot glue to attach the sweater to the bottom. It's important to cut the pieces so that the sweater lays flat on the bottom, or the vase will tilt.
3. I flipped the cuff down and added a ribbon.
I just picked up a bunch of faux white roses.
(See this white urn? I got four of these, and four funky-shaped vases from Wuslu.com recently. I need to figure out what to do with them. Any suggestions?)