a large letter with black and white photos mod podged on - This was probably my favorite project. Wooden letter at Hobby Lobby, black and white pictures on plain old printer paper, Mod Podge, sand. The best gift ever!
Paint samples are really cheap (cheaper at Lowes than Walmart). Grab a blank canvas (also cheap), use painters tape to make a design, and buy a size appropriate wooden letter, or smaller letters to make a word, and paint those= Awesome art.
Sledding Marshmallow Snowman -have Elf on the Shelf make theses! What could be more whimsical than a marshmallow snowman speeding down the drifts on a candy-cane sled? Make one for your gingerbread house display!
I have found the tutorial to make this fairy jar, and it's easy. You just need a mason jar, glitter, glow sticks and a serrated knife. This is a good activity to do with kids because when they are finished making it, it can serve as a night light.