First off, if you don't know how to make a pom pom, Martha Stewart has a good tutorial:
Basically, you take several layers of tissue paper and fold it like a paper fan. Then you tie the middle and slowly pull up each layer, floofing the pom pom.
The ombre look is easy to do - all you need is the tissue paper, some water, and some food coloring. Put water in a cup and stir in food coloring - the liquid kind would probably work best, but all I had was gel so I used that and stirred it til dissolved:
Then I folded all the layers back together again, and continued into making it into a pom pom. Here it is, fluffed and pretty:
I used this as a bow on a giant present, but you could hang them as party decor - the possibilities are endless!
So, if you have tissue paper (best place to buy it - the Dollar Store), give this a try - you can do it!