Here's a cute project that takes a total of say, 5 minutes? I had these socks already so I made them into babylegs! I followed this tutorial, but they are so super easy, you probably don't really need a tutuorial. http://everythingyourmamamade.com/2008/01/21/make-your-own-baby-leg-warmers/
If you aren't familiar with babylegs they are basically legwarmers for babies. Since my little one can't quite wear hers yet, here's a picture of a cute kid wearing some.
I got this picture from cottonbabies.com, where their babylegs sell for $12. Mine were uhh... free? Check! Also, as the tutorial states, you can buy womens' knee high socks for as little as $1. I think I'll be making more in the future!