Decorated cupcakes are all the rage these days. You can find a lot of cupcake picks to purchase online, print and cut yourself. That is a fine option BUT they really are fun to make on your own! Here is a tutorial for the graduation picks I am working on.
Cuttlebug. You could substitue a sticker or another round punch for the grad cap. You will also need one mini brad and a pick. The picks I used are a little larger than a toothpick. I found them in the craft section.