I heart paper lanterns. They make everything prettier and shinier and awesomely better. So I decided to make some in the simplest way possible.
Origami Waterbombs are SUPER EASY to do and can be whistled up in huge numbers while you're say, catching up on season 3 of Battlestar Galactica.
These pictures are of the finished lanterns, as I took a whole series of 35 step-by-step Origami 'how to' photos then discovered a nice simple instructable on the subject. Doh.
Essentially what you do is make your waterbombs, and poke them onto some LED Christmas lights, using the hole that you're meant to use to fill them with water.
I used origami paper here but you could use ANYTHING, magazine pages, flyers, cheap scrapbooking materials, photocopies of sheet music... you get the idea, just cut it down to a square.
If your lanterns are going to be exposed to the elements then you could waterproof your paper somewhat. My book says that the best way to do that is to spray them with spray adhesive before you fold them. I'm dubious though, as spray adhesive can sometimes curl up paper... maybe if you sprayed them after...