If you haven't done fair isle / stranded knitting before I suggest you view this tutorial and make the little bag. I did and it helped tremendously. Once you have mastered the technique you can do most anything.
I used the tutorial from Jan in CA's link, and it helped me tremendously! My first Fair Isle was the Fake Isle Hat from KPC, and I definitely highly recommend it as a first fair isle project, as it's fairly simple and highly rewarding Good luck!!