craftgrrl | Your help is greatly appreciated!

I'm a little frazzled right now, and I can't seem to think of a good way to sew something. Maybe you can help me.

I want to make a square cd holder out of fabric that opens up kind of like an envelope with ribbon ties. Basically it would look like this (pardon my horrible MSPaint skills):

I know I'd need two pieces of fabric cut the same way, but how could I sew it so I wouldn't have one strange edge? I guess it's impossible, so would it work to sew good-sides together on 3 of the flaps, flip inside out, and hand-stitch the other (edge in pink) like a pillow? The other two flaps would be the same length/width of the part that holds the cd, then the other two flaps would tie with ribbon to hold it all together.

I don't have my machine or any fabric with me, so it's hard for me to visualize.

Thank you! ♥