I've seen several versions of penguin tags floating around. Mercedes Weber has a class for Punchy Gift Tags on Stampin' Up! and I was also inspired by Heather Summers punchy penguin.
The tag can be used as either a gift tag or can be modified (as seen here) to be a gift card holder.
Directions on how I put this together are on my blog. Otherwise all supplies are listed here.
http://igotstamps.com My Blog - Stamp Your Heart Out
Date: Saturday, November 22, 2008 GMT Views: 1864
Keywords: SUO Gift Tag Christmas Gift Card Holiday Collection
Stamps: Holiday Collection
Paper: Riding Hood Red, Whisper White, Kiwi Kiss, Baja Breeze, Basic Black, Old Olive, Summer Sun, Ski Slope dsp
Ink: Pacific Point
Accessories: 1" circle punch, 1/8" circle punch, 1/4" Old Olive grosgrain, 1 3/8" circle punch, Word Window Punch, 1/4 and 1/2" circle punches, 3 For You punch, Wide, Large and Small Oval punches, Large Star Punch, 2 Way Glue, dimensionals