This requires the backstory so you guys can laugh, if you've heard (or seen the YouTube video) They're Taking the Hobits to Isengard, you'll know what I'm talking about. Eric calls himself a hobbit because he's a few inches shorter than I, and so I was scrolling through his PSP playlist and landed on the L.O.T.R. song, and being me, I changed the lyrics to They're taking the Erics to Isengard. (Note this has nothing to do with his height.)
So he had his notebook out and sketched a hangman picture with an astroid about to strike the gallows, to which I added a sword that shot flowers and created a shield. Then he added his ninja figure who threw stars at me and sent a gigantic spider to spin webs onto me-- to which I sent my huge dragonfly (Mothra was otherwise unavailable and I only got voicemail) and then bound his ninja in Wonder Woman's Magic Lasso.
As you can imagine, the page gets filled really quickly and requires arrows to point you to the right panels. But grab another person and start drawing a story. Not only will you be making a great piece (even if it's in stick figure form), but your collective effort will also create a fun activity for you and someone else and a great story to boot!
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Media collage. What kind of media you ask? Whatever you decide. This is pretty easy, and all you need are some magazine clippings that you enjoy, some posterboard (or a cardboard box if you've just moved!), and some glue. Create a collage with these, and if you're really feeling creative (and have the budget, no more than five dollars I think), add some glitter, stickers, markers and/or crayons.
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CD/DVD Mobile (with apologies to National Geographic whom I stole this from-- it's used to keep elephants out of farmers' fields). Ever get a piece of software that sucked? Got tons of old scratched cds or dvds you don't know what to do with (other than microwaving them for a minute and watching the pretty sparks-- won't harm the nuker unless you over cook it)? Put them in a mobile. Take a small nail and hammer and punch a hole in them (a drill will work too), and if you want the invisible look, use fishing line to suspend them. Or you can go with colored yarn or thread, you can even paste white paper to them and color and decorate the cds as you like (which is how the cd lable kits work... don't use them though, throws off the weight of the cds as well as the paper tends to dry and roll up).
You can add just about anything to these, glue some crayons to the yarn (or snazzy "invisible" twine), plastic pieces like gems and beads, or curl up some Christimas ribbon.
Just some ideas out of my arse....