Start by determining how big you want to make the hole in the middle of the book. In my case I used the width of the ruler to make it easier to line it up with the various edges. I opened a few pages so that the hidey hole would be a bit into the book. Then I began. Well, technically, then Bob began :).
Cut straight and carefully along the ruler, making sure to stop before the margin of the edge you're moving toward. You get a sense of that distance fairly quickly. You might only be able to go through 8-10 pages at a time, so be patient. Work your way down through the book. Once you've got a few levels done you'll no longer need the ruler - the book pages themselves will help guide you through the lower levels.
As you get near the bottom, put in cardboard so you don't cut through the final pages. Choose wisely which page you want to "show through" as the floor of your hole.
Spray the result with clear gloss if you like, to hold it together. Voila! A fun, new gift made out of your book.
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