I got this idea through this site:
http://retrospection.typepad.com/my_weblog/page/2/
and here is how I made my own.

I have just hollowed out an old book, and finally I have a useful purpose for the leftover pages. Right now I did not have any white cardstock, and the paper of the pages is thick enough to hold a picture. You can also do this with colored paper or just plain white, so it really looks like a polaroid. I like the combination of words, a picture and writing on it.