I ordered the paper mache letters from JoAnn, and followed this tutorial from the Prudent Baby.
I made a few modifications. First, instead of leaving the edge of the strip of fabric covering the letter's edge raw, I pressed one side down for a clean edge. Second, I wrapped the edge of the edging fabric around to the back and left it exposed since these letters will be on the wall and no one will see the back. Finally, I hot glued a picture hanger on the back. Hopefully, this will hold the letters up as they are hollow and super light.
They were a little time-consuming, but in the end, I really liked the final product!
With the scrap fabric that I had leftover, I made a matching garland and a pillow cover -- both of which I failed to photograph, but you'll just have to trust me when I say that they were super adorable ;).