little paper hearts //yarn or some other type thin cord. Cut pieces from book/newspaper and fold over yarn/cord. Punch hearts into paper. This would be great as a garland for Valentine's day. Use other style punches for other holidays.
Forget the "felted wool balls", and just use plain-old pom-poms. You can buy them in large (inexpensive) quantities from places like Oriental Trading. This tutorial, however, is for DIY Wool felt balls garland.