Here are directions:
from:
http://www.scrapnstampn.com/tips.html
Purse-a-lope
1. Fold gussets on 3 sides of an envelope (sturdier ones work the best).
2. Fold over the 2 sides & bottom - ½ to ¼ wide.
3. Fold back & forth for a strong, burnished crease.
4. While flat stamp your purse as desired.
5. Put your hand into the envelope & turn it into a purse by making the sides stand out as gussets & the bottom into a purse bottom.
6. Fold the bottom triangles under & glue or tape them down.
7. Fold the envelope flap over the top. Use a hold punch to make 2 half circles at the top of the purse. Thread a piece of ribbon through the holes & tie inside the purse.
8. After putting a small gift inside the purse you can seal the flap closed, or use a small piece of Velcro to close.
Sorry I don't have a picture but I'm sure someone else does !