Trace each cookie cutter onto the back of the scrapbook paper of your choice.
Cut out the shapes, cutting just very slightly within the line. Set aside.
Drill into the top of each cookie cutter to make a hole for hanging.
Add glue to the edge of the cookie cutter and press down onto the paper. Wipe away excess glue. Repeat with the other cookie cutters. Let dry for several hours.
Grab lengths of ribbon, one for each ornament. Tie a knot in one end of the ribbon and pull through the hole in the ornament. Add a dab of glue to secure; let dry fully before hanging.
Notes
It can help to place painter's tape down before drilling into the plastic. That keeps it from cracking.