this is probably one of the easiest/cheapest friendship bracelet ever... all you need is scissors and 3 different colors of embroidery floss. i went with a pink scheme in preparation of valentine's day lol.
first you want to completely unravel the floss. then fold it in half 3 times-you should end up with a thick bunch of thread about 2-3 feet long (or roughly 4x the circumference of your wrist). repeat with the other two colors.
combine all three colors (try to keep them somewhat separated otherwise when you start twisting the colors start 'blending'). starting from the center of the threads start twisting. after you've been twisting for a while the threads should automatically start bunching up in the center, otherwise you can just pull up on the center and it should force it to twist together.
keep twisting until it is long enough to wrap comfortably around your wrist. tie the end in a knot and cut away the excess thread. and that's it!! easiest bracelet ever? i think so...