Measuring 1/2 inch from the base of the party hat, mark every inch around rim of hat. Punch holes at marks. Hot-glue a piece of black rickrack on the inside edge of the hat.
Secure an eyelet at each hole. Cut 12-inch lengths of rickrack. Knot one end of each length. From inside hat, thread alternating colors of rickrack through the bottom holes. Gather rickrack at the top and wrap with wire to secure at point of hat. Thread a ribbon tie through each of two opposite holes.
For pumpkin, draw a face with crafts glue. Sprinkle glitter over wet glue. Let dry and shake off excess glitter.