Why not make a mini album for a friend to add photos to? The pages are library card holders that hold tags. Bind them together with a Bind It All, ribbons, rings...there are a lot of ways to do this. Embellish with stickers and holiday papers. This idea would translate very well to any theme - baby, birthday, holiday.... Attach ribbons to the tags to pull them out to look at, and finish them off.
Mirkwood Designs is a great source for templates. You can take the library pocket template and line a CD up along the edge to cut the curve like I did here. Round off your tags to match.