This is for the "donut" card challenge---but out here we call them pop-through window cards.
This is one I did for a C'mas card swap last year (2005), and I wanted to teach it at a class this month so I updated it with the new embellishments and the new Glad Tidings sentiment.
The penguin is on the inside of the card and is raised up on pop dots through the window. We call them window instead of donut bc. you can use any of your punches to achieve this effect---the ovals, the squares, even the tag punch.