How complex are you looking to make it? One simple solution would be to use a Lattice Deformer. In Maya it's called a Lattice Deformer, and in 3DS Max its called an FFD Lattice Deformer.
Basically, create a plane with a fair amount of faces; enough to account for the amount of deformation (so you don't get wonky wrinkles) and then apply the Lattice Deformer to the plane.
THEN you can animate the Lattice Deformer's CVs to fold the plane, deform the plane, or whatever you want to do to it.
You could also fold it by applying Clusters to the Vertices of the plane itself and animating those Clusters. For what you're doing the Clusters may be the way to go. You could also parent the clusters to single particles, then give the particle a goal to kind of automate the folding process and give it a more organic feel.