So, it started with this.
I saw it on the cover of a Pottery Barn catalog that I picked up in the store, and knew that I could make it for waaaaay less than they were charging (although I couldn't find it in the catalog, or online).
I apologize for the lack of step by step pictures, but the steps were pretty easy, so I'm sure you'll understand it from the list.
Unfinished wood frame (12x12 opening) $4.99 (50% off of $9.99)
Acrylic paint (Americana - white wash) $.99
Scrapbook paper $.30
Curly letter $1.50 (50% off $2.99)
I painted the frame (white) and the letter (dark brown - I already had this at home). Once they were dry, I trimmed the scrapbook paper to fit in the frame (the opening was a bit smaller than 12x12), and used spray adhesive to add my "P" to the middle.
Super easy & much cheaper than anything that I've ever found at Pottery Barn!