I used a 10x13 frame from WalMart, cut some sheets of galvanized steel I purchased at the local hardware store (have to use steel of course so that it is magnetic) to fit in front of the glass, and made some gifts that I can't wait to give this Christmas.
I drilled holes with The Accountant's drill and added some knobs on the side. The knobs had extra long screws and stuck out the back of the frame so I used my saw to cut them flat.
I tied moss gingham ribbon between the two knobs so that I can hang pictures, notes for school or 'to-do' lists from miniature clothes pins or library clips (which are available from Stampin Up also) on the ribbon.
I decorated the steel with pieces of the Scrappin' Kit, Winter Retreat. I even made the magnets from the stickers (punching 3/4 inch circles out with my punch).
Here are some pictures of the work in progress: if you would like to make some magnetic boards too, and have questions, just email me and I'll give you some tips.