I already have a bigger record earring holder but I wanted a smaller one for on my dorm. I bought a frame, used a nice napkin and an old pantyhose and tada, you have a nice earring holder ^^
Open your frame, take out the glass and place it onto your napkin. Trace it and cut it out.
That will be your background for your frame.
Put your piece of napkin back in the frame (without reinserting the glass) and close it.
Take your panty and slip one leg over the frame, bringing the opening to the back. (it'll get clear in the next step and picture)
Snip off the rest of the panty and put on the elastic, so the back will look like the picture.
Now add your earrings and enjoy the result :)