If you are printing on 8 1/2" x 11" letter size paper, you will need a 12up business card slicer. The BCS212 from Martin Yale is a good choice.

If you are printing on 4" x 6" photo paper, you can use your printer's cut function to cut the paper in half.  You will then need to cut those pieces in half again manually.

To bind the flip books, a heavy duty stapler will do the trick.