Knitting ornament! Pick a thinner yarn. Use an old Christmas ornament/ball. Hotglue & press yarn while wrapping ball in yarn in a haphazard pattern. Make knitting needles out of toothpicks topped with small wooden beads. Maybe even embellish knitting needles with sparkly beads or rhinestones. Stick knitting needles through yarn at an angle. Very cute knitting ornament!
I know this is for Christmas, but I think it could be really pretty if you did the same thing, but instead of ornaments, cut colored glass bottles and fix them into the holes. I can see it being hung where the sun shines on a porch or something. Just an idea!