This was an experiment I have been wanting to try. I ran some misc. red paper through my cuttlebug machine and an embossing folder, then heat embossed the raised portions. Its not as clean as I had hoped, but it was my fist shot at this, so oh well. See supply list below, and a longer explanation on my blog.
Accessories: SU Round Tab Punch, MS Border Punch, CM Circle Cutting system, SU retired Silver cord, Anna Griffin Red Satin Ribbon, SU Silver Embossing Powder
Techniques: Heat Embossing on Cuttlebug Dry Embossing