This is a really great little idea that I found on someone's blog (but I don't remember who's - so if you read this, send me a link!) Anyway - so easy-peasy and inexpensive.
What you need are clear glass ornaments, some fake, flaky snow (I found at Hobby Lobby), some scrap pieces of scrapbooking paper, a pencil and some festive ribbon. I have also seen these done in non-holiday colors (for instance, if you know someone who does a non-traditional colored tree, then you can make one to coordinate with that.)
So, I cut the pieces of scrapbooking paper in varying widths and lengths. I found that different textures (some foil paper, some plain, some glittered) compliment eachother the best. Add your snow and then wrap your paper around a pencil and put it through the top of the ornament. Depending on the paper weight, it will uncurl a little or a lot - but that's what makes each ornament unique and, best of all, HANDMADE! Then, I put the silver cap back on and looped some ribbon throught the hanger part. I think it took me about an hour to make 5 or 6 of these.