I did this one yesterday but then didn't have a chance to post it. Stamp is Unity and Close to My Heart. Papers are DCWV.
This was a real challenge, but a fun technique. After a little trial and error, this was the process: Cut a piece of canvas, fray the edges. At this point you should cut the hole with a Spellbinders (or other) die. Then ink the canvas with distress inks and mist with water to blend the colors better. Then run the canvas through the Cuttlebug with an embossing envelope and let dry (or use heat gun). Stamp the image on a second piece of cardstock and attach to card base, and then attach canvas with strong adhesive. Though the scan doesn't show the depth, I punched the dragonfly and attached it to the canvas with glue dots.
The canvas is really hard to cut with the die. I had to do it several times with several shims to finally get it through. But I really like the results.
This photo shows the dimension a little better, but not the embossing. The dragon fly was punched from a piece of cs that I had done early while playing with different techniques that was masked and heat embossed. Again, it looks much 'cooler' IRL.