First i inserted the image of Santa and clicked on edit image, to remove the background.

I also removed the leg part, so i have the Santa left over without the legs.

With the body left over, I then clicked on outline and set the setting to zero, then ok.

Now that i have the image and outline, i highlighted them both and right clicked to copy the image/outline, so then i have 2.

I then grouped each one, so the outline and image can't move.

I highlighted one of the image/outline and clicked on reflect, then horizontal, so i have a mirrored image/cutout.

Once the image was engraved and cut, i went over the engraved lines with a black marker.

Then colored in the rest of the image/felt.

I used some glue on the edges to stick both Santa parts together.

Unfortunately, i didn't have the right glue ( fabric glue should work better ) so i ended up hand stitching the edges.

I then used 3M tape and placed it on the inside of the Santa felt.

I took the hanging part, that sits on top of the ornament off, so i could fill it with sand, about half full. 

You can also use rice to put into the ornament. Put the top back on and since i didn't have any filling, to put into the felt Santa, I used some bubble wrap and placed it inside the felt Santa, so it would be so flat,

And there you have it, a Wobble Santa.

I used a glass ornament, since i didn't have any plastic one, but a plastic one, should work good as well.

Hope you like this Wobble Santa and even though it's late in the year to make one, 

maybe you can start making one early for next year ;-)

Merry Christmas !