I am not a crafty gal, but lucky for me I have friends who are. Like bekee, who's taking a break from knitting this month, but has created beautiful treasures like this and this. She pointed me to this nifty way to preserve flowers using Borax. Full instructions here.
According to the manufacturer, this preservation method works best for flowers you cut from your own garden. Cut flowers purchased from florists might not work because of the preservative solutions they soak their flowers in to keep the merch fresh.