... is to bring it to Kinko's!
They have an incredible machine that can cut through a stack of paper in a single motion. It's perfect for making custom size books. I printed a bunch of pictures—two 5" x 7"per page—straight from iphoto and brought the entire stack to Kinko's, where they cut borderless right around the top photo.
I waited until after I spiral bound them to get the right edge trimmed off. I bound the books with a 1" silver spiral binding at my boyfriend's office and then bought them back to Kinko's.
After they are spiral bound, the right edge emulates the curve of the spiral so pages aren't flush. So it's better to do the final cut after it's bound.
This simple photo album is a great way to actually look at your photos, archive them with a hard copy, or makes a great gift for a friend. Printed fast on a laser printer on a medium weight paper with a frosted plastic cover, you can have an album that stores about 150 precious moments.