Been waiting 12 years to do this! I still had this picture from when I was maid of honor in my friend's wedding, and now she is going to be matron of honor in mine. In case it's hard to see in the picture I put her date by the photo from her wedding and mine by the opening for the picture from my wedding, and the lettering on the open side says "IOU one photo". The frame (TJ Maxx, after shopping around for weeks for something bridal looking but not obnoxiously bridal), copy of photo and mat (local photo shop) and scrapbook letters (Michael's) weren't expensive. The project would have cost around $20 except I had to get the photo retouched which was a little pricey, because apparently some moisture seeped in under the frame, probably while my apartment had no a/c for three weeks after Katrina!
Fiance suggested that for lifelong friends or sisters a childhood photo could also be used for a nostalgic touch.
Whoever said it was supposed to be happily ever after is a big fat liar.