Busting stashes, taking names.
Use yarn scraps to wrap your gifts.
From Last-Minute Knitted Gifts by Joelle Hoverson, which you should definitely own if you're a knitter who likes simple but beautiful projects, pretty pictures, and the thrill that comes with finishing a piece in under an hour.
Source: melaniefalickbooks.com
Knit a bookmark.
Also from Last-Minute Knitted Gifts.
Source: melaniefalickbooks.com
Make a collage with tiny rolled-up yarn balls.
Here's how.
Source: easymakesmehappy.blogspot.com
Knit (or crochet!) greeting cards.
It's like if Mondrian were a kindly fiber artist.
Source: morehousefarm.com