Start with stamping the snowman from Button Buddies (pg 71) on whisper white cardstock. Punch out with the extra large oval punch (pg 212). Emboss a piece of real read cardstock using the oval Designer Frame (pg 218 -- one of two that come with this set), ticket corner punch (pg 212) the corners, add a small knotted piece of 1/8" taffeta ribbon (pg 195) and you've got your focal point piece.
While I'm not sure what designer paper was used here, you could obtain a similar effect by using Bashful Blue or Marina Mist cardstock, ink up the French Filigree background stamp (pg 151) with White Craft ink. To give this an even richer look, apply clear embossing powder (pg 201) to the wet craft ink and heat emboss it using the heat tool (pg 201).