I totally spaced on posting about my 4th of July wreath over here!
Eclectic Mamma gives the full tutorial on her blog, but I can tell you now, you're going to need a wreath (duh), about 5 sheets of felt in each color and a glue gun. It took me about an hour from start to finish.
I can't even tell you how in love with this wreath I am. I think we should have more holidays where we put out flags so I have an excuse to bring this out more!