I can't remember where I've got this idea from, I think it's been on a german forum ages ago.
It's dead simple, can be a bit dangerous tho, so be careful not to burn yourself (and try not to breath in the fumes!)

Take your safety pin and heat it with the lighter until its tip is turning red. I chose a safety pin cause it's easier to hold when its hot.
Then simply burn holes in the record wherever you want your earrings to hang. This works best, if you twirl it a bit to make them big enough.
Done!