stitch and bitch has a scarf with a hole in it. you might try looking at
Knitting Pattern Central for a ruffled scarf. To make the "keyhole" you just knit halfway aross, add a second ball of yarn, and knit the rest ofthe way across; then use 2 blass for each "side" for a few rows, then just reconnect the two sides of the hole by knitting across with one ball and cutting the other.