I got this huge container of colorful stripey paper-clips as a "hooray, you made it to college" gift and decided I could spare a few to make some earrings (there are other colors as well, but I've only posted pics of the red ones. :P). They are literally the easiest things in the world to make.
Step One: Get two paperclips.
Step Two: Attach jump ring to paperclip.
Step Three: Also attach jump rings to earrings. Voila. But they look pretty cool.