We took a boot box (we have learned from experience that you need a larger box with a larger hole if you don't want it to get ruined : ) and cut a hole in the top. We were lucky that ours was plain and cutting the hole took off the only lettering on the box. If you have logos and lettering, just decoupage plain paper over them first before you move to the next step.
We decoupaged different colors of tissue paper on it. We had light pink, hot pink, lime green, pink/white zebra, and purple/pink/white striped (all left overs from gifts given to my girls). We used a glue stick to stick it all down (as my daughter had to be the one to do it). She decided to cut the tissue into circles first, but you could do much easier squares or triangles, too.
Next we wanted to add detail, so I used some lime green ribbon from a gift reuse as well and "faux" wrapped the box with it. We still needed to be able to open the box, so we layed it across the box, then taped it just under the outside part of the box. The ribbon is not actually glued to the box so it can be taken off and reused later.
Where the ribbons crossed we wanted a detail, so we added a flower. We had this from one of our flower pen projects (probably picked a bouquet of fake flowers up from the dollar store). It sat up too high on the box, so I made a quick "filler" bow out of some balloon ribbon I have (you know wrap it around your hand like 25 times, tie it in the middle of the circle with a piece of ribbon or a twist tie, then "fluff" it to look like a messy bow). We hot glued that onto the box, then the flower onto that.
For her name, we used a letter we already had in her room for the first letter, then did bottle caps for the rest (printing the colored circles inside for the rest of the letters). You could use all bottle caps or letter stickers on paper instead of printing.
For patch up this year (my older daughter's name is longer and her first letter was larger). I used some pieces of the tissue that had wrapped around the inside of the box during the decoupageing to do repair where the bottle caps and larger first letter had torn the paper underneath when removed. You could just use more tissue if you had it, but I didn't have a color that matched.
Hope the idea inspires : )