A double boiler works great. Chill in the refrigerator until firm and presto you have made crayons your kids will love to color with. You could even make large multi colored crayons in the shape of a heart for those beginning artist in your life. Be sure to use separate molds when working with chocolates and crayons. There are a lot of felt and cross stitch stocking kits that are fun to do.
Painting is another great venue for crafting.
There are a lot of different things you can paint. Tree ornaments are a great choice. At your local craft store, you will find a lot of plaster kits that include easy instructions and everything you need for a nice finished project. If you are a more advanced painter and like to paint bisque, there are many neat Christmas projects, such as nativity scenes or Christmas villages. Today's ceramic industry is big and there are a lot of great Christmas molds to choose from.