What you'll need:
embroidery hoop - any size you want (I used a 10" one)
yarn - any colors you want
What you'll do:
Start by wrapping one color of yarn around the hoop for about 4 inches. Cut the yarn where you you want to stop wrapping that color and start the next. Leave a small amount of yarn loose and begin wrapping the next color on top of the piece of loose yarn. This will ensure everything stays in place. Wrap the next color of yarn for another 4 inches. Continue with each of the colors of yarn until the entire hoop is wrapped.
Next, cut a strand of yarn about 4 feet long. Fold it in half, lay it under the hoop, and then flip the bend of the yarn over the hoop. Pull the two loose strips through, tightening as you pull.
Continue with as many strands of yarn you want, in any pattern you want.
Then but the bottom into a "V" shape.
Day has already claimed this one for his room!
I might make a Christmas one next :)