I just recently made this ribbon lei for a friend's graduation.
It's really simple to make. Basically you sew one side of the ribbon, and pull the thread to and make the ribbon turn onto itself. You just keep doing so til you've achieved the length you want. Here's a closeup of the lei:
It's pretty simple to make, but takes a bit of time, and a surprising amount of ribbon. I used 18yards of ribbon but should have used double that for the length I really wanted (ran out of ribbon).
I have a few more pictures on my blog post about it too:http://radlinccrafts.blogspot.com/2011/05/ribbon-lei.html
Thanks for taking a look.