Stuff with an old nylon stocking or polyester filling. Sew the opening shut and attach a loop of ribbon or yarn for a hanger. Make pictures by gluing various shapes of macaroni to cardboard. Touch them up with acrylic paints. With pinking shears, let the kids make their own greeting cards or book covers.
Old wallpaper is also good for wrapping small gifts.
Go on a rock hunt. Classify them with the help of a good rock book from the library. Let little kids play in the kitchen sink with soapy bubbles, an eggbeater and other cooking implements. When they've finished, wipe up. Cut pictures from old greeting cards to use as toppers on packages or use the pictures to make new greeting cards.