"Dear Santa, Is it too late to be good?" Sounds like a letter that my son would write. Actually it's probably more like my husband! I used my Silhouette for this one too. Sorry for those who don't have one. I swear this is the last Christmas project I will be using it for. :)
This is actually a really easy one to do without a cutting machine. You can use a regular stencil or print out the lettering and use graphite transfer paper to trace it on. You could also find some letter stickers in the scrapbooking section.
I found the wooden plaque at JoAnn's for less than $1. For the paint I mixed together green and yellow until I had kind of a Grinchy Green. I put two coats of the paint then cut the lettering out of white self adhesive vinyl and stuck it on. The font I used is Badaboom. To get it to stand up I tacked a piece of cardboard to the back and folded it over.