I've made cookbooks for the cookie exchanges I've held. It's actually really easy, and the recipients are so appreciative. Here's what I did:
Each recipe got 1/2 page, (if you were to take a sheet of paper, cut it in have horizontally, then turn it so the shorter side was up). I designed each recipe with a different font and cute clip arts to go with it. (I've used a lot of DJ Inkers). Each one was printed on it's own color of card stock (I prefer pastels, because they're easiest to read) and then a cover was made. The back page has an index, including the names of each person represented in the book)
Then I took the pages to the local printer and had punch a binding like a few suggested above. It is SUPER easy to put the combs into them!
It's also good if you purchase some sheets of clear plastic, and have those punched. Once they're punched, cut the tops of the punches, so that the plastic can be moved into place as a splash-guard, in front of whichever recipe is currently being used. You could also have extra blank pages punched, for future use. Just make sure that all pages are punched at the same time (not at a later date), so they all line up!
Best of luck to you.
(If this doesn't make sense, let me know and I can put in a photo of one of mine)