I made these for a christmas present this year for my sort of brother in law who loves to write, especially Haikus. Sorry the pictures aren't better but my flash kept glaring off my refrigerator when we tried them out and I took some pics.
I used a roll of magnetic tape and a bunch of old magazines.
They do sell sets in stores like Border's but they're all boring white with black text, the font is all the same and so is the size. Not to mention they run $20 and up.
My set however looks like those old ransom notes, all different colors and sizes and fonts. Very cool! Especially since I got to pick the exact words I wanted to include rather than have the set you can buy at the store.
Simple, low cost and fun Christmas present which I am sure the BIL will love.
I plan to present them on a cookie sheet that has been covered in decorative paper in case (since he and his wife have a child) they don't want to keep them all on the refrigerator. On a decorative cookie sheet they can hang in the bedroom they can write poetry to each other and love notes (they're newlyweds so they still do that stuff!) and don't have to worry about the kid eating them or sticking them in his nose or whatever.
*Edit I know this is also in the comments but for sake of ease I will put it here too as some people want to know where to get the magnetic tape.
You can buy the tape at most craft stores I've bought it at JoAnn's and Micheal's and Hobby Lobby before. Failing finding it at a local craft store you can order it online by visiting the ProMAG website and order it from there it's $3.95 there but with shipping will probably cost about the same as picking it up at the craftstore (its about 1/2 down the page) ProMAG #12325 1/2" X25'
I used a roll of magnetic tape and a bunch of old magazines. Cut out words stick them to the tape cut to size. Do this until you have all the words you want to include and enough in number to make a lot of different combination.