The hardest part of this little project...picking out the font! ;) I LOVE fonts!!! My favorite site lately is scrapnfonts Cute stuff and super cheap!
Choose your font and increase the font size until it fits your size of pennant.
My pennants are 4" wide by 6" tall, so I re-sized my page to those dimensions and blew up the font.
Cut the paper.
Put it in the printer and hit print.
Punches holes and strung it up.