1. Fold paper in half like a hotdog.
2. Fold paper in half and in half again like a hamburger.
3. Open up hamburger folds.
4. Using scissors, cut/shave the fold line from the first fold, to the middle fold, and then to the last fold line.
5. Refold the paper so that the open cut forms a plus sign.
6. Press down the folds, and fold over so that it forms the book you see below.
Here is a site I found that shows directions with photos-http://www.vickiblackwell.com/makingbooks/poofbook.htm.