I actually made this last year for Christmas. I have one in Green/Red and one in Blue/White. They are SO easy and fun! Hang them on your wall, from a stand or lean against the wall somewhere. It's a fun and unique way to decorate for the Holidays.
What you'll need:
Stapler / Glue Gun
What I did:
Paint the picture frame a color of your choice. This one is a deep red. My other one is a sky blue. My other frame is also very skinny compared to this one. This red one measures about 11x14 but really you can make whatever size you want, you'll just need more or less ornaments and longer or shorter ribbons.
Tie ribbon/string to the ornaments in different lengths. I did this as I started to hang them on the picture frame so I could see where they would hang. I arranged them by color and size. The ribbon is stapled/hot glued to the frame in a 3 inch area on the back. I left room to hang the frame from it's original hanging bracket. Some of my ribbon worked well with staples and others didn't hold so I used a mixture of the staples and glue. The ornaments I used were all ones I had at my house that I use on my tree. I learned that using glass/breakable ones is hard to store them, so just beware it's not the easiest decoration to store. My blue one broke an ornament over the summer but the one pictured was fully in tact.
Once everything was attached to the frame I turned it around and inspected the lengths and positions and adjusted as needed. Keep in mind it isn't going to hang just right so let it be a little off, it gives it character!