Grab the letter try. You can find these at wal mart or any office supply store. They run between 2 - 5$.
*Make sure it's a screened tray. In other words it should have holes in which to hang earrings from.*

Take your length of ribbon and hot glue it to the top of the tray. Glue it so when this hangs it pushes out from the wall. You don't want the flat surface of the tray touching the wall. Make sure the ribbon is long enough to hang from a wall. Only use a small amount of glue on each end of the ribbon so it doesn't drip or ooze.

Next, hot glue your embellishments/decorations. Make sure you only place a few things...other wise you wont have room to hang the earrings.

Let dry for a few hours and you're done!

Just slip the earring hooks and studs through the holes and push on the backings from the other side.