Get a piece of paper, can be construction or colored paper if you want. Fold it in half.

Fold one half back up to the top. Turn the paper over and fold the other half to the top. 
      

The paper should look like a "W" at the end.

Pull down one of the sides. 
                 

Take a corner and bend it up to the fold. Take the other corner and bend it up to the fold too.
 

Fold the corners down to the fold on the top as well.

Fold the part you have been working on back up (so the corner folds are  not visible).

Turn the paper over and bring down the side that does not have it's corners yet folded.

Fold its corners up to the fold

Fold it back up.

Fold it all in half to make a crease and open it back up again.

Cut a small slit up the middle of the new crease (about 1/4 of the way up)

Fold the bottoms up, on one side

Turn the paper over and fold up the bottoms of the other side

Open it!

Now you have your own paper eater! Add eyes, toungue, nose or whatever you want.