Handmade monogrammed bags... but I could see this working on pillowcases or throw cushions too! Oh.. maybe even white bed linen! You can buy that really cheaply, and personalise it in this way, and end up with something which people will think you've paid a fortune for.
The shirt shown is WAY down on the page, but LOTS of other great projects, including some nifty jewelry! 44 Best DIY Fashion Ideas Ever