I've made another Valentine gift bag/card holder thing. This would be fun for doorknobs, pegboards, mantels, whatever. If you attach 2 straight ribbons to the top instead of a loop, you could tie it up anywhere. I love Valentine crafts!
Update: Cassi at The Crafty Crow has posted this today (1/09) so I thought I'd add a bit more detail.
This heart is, at it's widest, a little over 6" wide, about 4 1/2" down the center. I don't remember exactly how I made it, but here's a guess:
Cut a red felt heart and a larger pink one (about 1/2" wider all around).
Cut a strip long enough to serve as the loop for hanging.
Trace the bottom half of the red heart and cut shape to make pocket.
Cut a pink strip about an inch wide and slightly longer than your red pocket. Use pinking shears down one length.
Sew the pink strip to the top of your pocket, leaving the pinked edge exposed. Trim the sides.
Place the red strip in back of pink heart to form a loop. Secure with a spot of glue.
Layer pieces-red pocket, red heart, pink heart, loop. Sew around the border. Pink the edges of the pink heart.
Embellish with small felt cut-outs, like a pink flower, red center with white button stitched on (or similar).