Wreaths can be made out of anything. But, I never thought about balloons.
After I saw this tutorial on The Creative Homemaker, I thought wow, you can change the colors to pink or blue and make a baby wreath; use red and green to make a Christmas wreath; the colors gold and silver could be used for anniversaries or weddings; and for Easter use Spring colors.
Angela and Heather have many other tutorials to check out on their website. Enjoy!