I have presented fabric covered picture frames before and if you combine this with the instruction for fabric covered books you get picture frames from fabric covered books :)
Links:
Picture Frames from Fabric Covered Books (Fabric Covered Book How-To/ Tutorial)
via: Arts & Crafts Fair 2009
via: Fabric covered cereal box frames. Actually everything on this post is pretty cool.
Here at unikatissima:
Fabric Covered Picture Frames