Here is a little project that I saw on Pinterest, and decided to make up a couple to give as gifts. If you Google "book carving" you'll get all kinds of amazing results, and plenty of how-to's. Scroll down to see how I made it:
I started by tracing 3 half circles on the cover of a Harlequin!! Once you get started cutting with an Xacto, it goes quite quickly. Mine is good and sharp, so it would cut about 10 pages at a time.
After carving, I fanned him out to break the spine, and make sure that the pages would sit evenly.
I decided to use two books, and glue the covers together, as I wanted him to be really full (each book is around 185 pages, so a single book around 300-400 pages would work, too.
I couldn't find a pre-made top hat in the stores, so I bought a square of black felt, die cut a large and small circle, and cut a strip - all of which I glued together to make his hat. I raided my yard to snip some tiny twigs to use for his arms which I hot glued between the pages. I cut a thin strip of plaid fabric that I wrapped around his neck as a scarf - and that was it!