I went about this using some cotton wool, some fishing line, some masking tape, and some of the shelf space around my flat.
My next attempt was to unroll the balls of the wool, tape the line to the inside of the wool, and then roll it back up into a ball shape, hiding the tape on the inside.
Once I had repeated this process with a few different bits of wool to have enough to make the shape of one of the letters - in this case the letter U.
The next step was starting to hang it from the underside of a shelf. I did this just by taping the top of the fishing line to the underside so that the cotton wool dropped down. I did this again and again, moving backwards and forwards to create the differing level of depths, as well as moving to the side to create the shape of the letter.
Here is the front shot of the experiment and it shows that the concept works, as you can clearly make out the U shape from this angle, whereas you cant from the side shot.