How to put an item frame on a chest
1 x Item Frame
1 x Chest
1 x Block that's quick to destroy, E.G. dirt
What to do
This tutorial utilizes a bug in 1.4.7 which gives item frames a short amount of time to pop-off after the block they're on is destroyed. This bug works best with a double chest, as that allows you to protect it as well, but it can work with single chests.
Step 1: Place the easy-to-destroy block where you want your chest to be, or next to a chest.
Step 2: Put the item frame on the front of the block.
Step 3: Quickly destroy the block (not the frame!) and as fast as you can place the chest.
Now you're done. As long as you don't accidentally remove the item frame, it will stay there.