You'll need:
Round wood craft beads ~ I used seventeen 1/2" beads with a 1/8" hole, eight 3/4" beads with a 1/8" hole, and three 1" beads with a 1/8" hole.
Styrofoam piece
Toothpicks and tape
Spray paint
Ribbon (not shown)
Instructions:
1. Wrap some tape around the top of each toothpick (this will hold the bead up). Put one bead on each toothpick and stick it in the styrofoam piece.
2. In a well ventilated area spray the beads with the spray paint. As you can see, I put the styrofoam on top of a box so I could spray the beads easier. You'll only be able to get the top part and most of the sides.3. Let beads dry completely.
DO AS I SAY, NOT AS I DO! 
4. Once they are dry, turn the beads over and repeat the spray paint process.
5. Remove beads from toothpicks (after you try to get all of the spray paint off of your fingers if you did as I did instead of as I said).6. Cut a length of ribbon that suits you. Tie a double knot about 6-8 inches in from the end (you can always trim this down later).
7. Start stringing your beads. I folded the ribbon over a toothpick and strung it through the holes of the beads. This is much easier than trying to stick the ribbon through with just your fingers.
I loved it so much that I wore it to work today! Isn't it stylin'?