Here's an idea of something I did with my kids a few years back...the grandparents (who we gave them to) loved them!
Here's what you need...
blue ball oraments (plain color)
paint pens or different color paints
and the note to attach
You paint the childs hand white then gently place the oranment in their hand and let them grab it then when they let go you should see a white handprint. Let it dry. Then when it's dry, each finger is a snowman so you decorate it, I usually do this part, to make it look like 5 snowmen standing together and maybe make some snow coming down around them. Then when you're all finished you attach a note that says...
"These aren't just five snowmen
As anyone can see,
I made them with my hand
Which is a part of me.
Each year when we trim the tree
We'll look back and recall
Christmas of 2008
When my hand was just this small."
I googled it and found a video on YouTube, here's the link http://www.youtube.com/watch?v=weHExt5Aw-k