Find a frill cutter, and apply on a slant like you see. Easy peasy. A lot of work, but very easy process.
It will help to mix a bit of gumpaste with your fondant. In addition to the frill ruffle cutter, check out the million of ruffle tutorials out there. Google brought this up for me : http://www.pinterest.com/dazzleliciousck/frills-ruffles-cake-tutorials/
AFrill cutter. Gumpaste. Thank you!!!