Perusing my box of card samples from a long time ago (last fall, I believe), I came across this one this morning – that I don't think I ever got it photographed and posted.  I can hardly remember what the occasion was at which we stamped it; I know it was a Make & Take that I provided at a demonstrator group meeting, but beyond that it may have also shown up at a Stamp-a-Stack or workshop, too.

The stamp comes from "It's a Stretch", shown here with the other 3 images in the set.  The cake image is actually mounted on the inside of the card in this design; the blue scalloped ring on the front is actually a framed hole through which the cake is viewed.  This additional shot shows that.

To make a punched frame such as this, I start by punching the inner shape (in this case a circle) from a scrap of cardstock – leaving a bit of margin all around it.  Then I center the resulting hole inside the opening of a larger punch (in this case, the scalloped circle punch), and punch that out.  Note that the original circle that got punched out is not actually used; rather, the remaining hole is what becomes the innermost part of the frame.

The design of this card requires a circle to be punched through 3 layers of cardstock - but don't even TRY to punch through that many layers at once!  You won't do your hand OR your punch any favors!  In this case I stamped the image onto the layer of white cardstock & colored it; then punched out the cake with the circle punch.

Then I placed the white layer (with a hole in it where the cake used to be) onto the yellow layer and punched the yellow layer in alignment with the hole in the white layer.  Then I mounted the yellow layer onto the blue layer, and punched it the same way – leaving a hole all the way through the front of the card.  

After creating a blue scalloped frame as described above, I mounted that to the front – and then adhered the cake inside the card by inserting it through the hole while the card was closed.  Neat, huh?