Here's a simple breakdown of the process - pretty self explanatory. I pinned the letters onto a foamy poster board, which I painted first using acrylic paint. Then, I printed out my lettering and cut it out, the pinned all around it.
Very time consuming, but easy to do in front of a TV. All in all, it took me probably about 10-12 hours to complete. It's crazy how much patience I can have for certain projects, while having so little patience for other things!
I should mention that I saw the idea for this online about a year ago, and can't locate the original.. it was executed differently and had different text, but was the same basic idea. If you have seen it, feel free to link me to it so I can source it!