I decided to paint the frame white (originally it was a BRIGHT blue, sadly I don't have a picture). I purchased lace-like ribbon from Michael's, and during an episode of Scandal, I glued the ribbon to the back of the frame. Easy peasy. Then I just hung the whole thing up with a nail and hung my 500 pairs of earrings.
Here's the rundown of the costs:
$8.00 Mirror/Picture frame
$3.99 Can of Krylon White Spray Paint
$.00 Glue gun and glue sticks
Not a bad price for a cool looking jewelry holder!