I was listening to episode 81 of Cast-On yesterday when Brenda Dayne read out a listener's email about the MakeDoAndMend tag in Ravelry and I thought I'd check it out. (If you have never heard of Ravelry, it's an online community/resource for knitters, crocheters and spinners. There facilities for loading pictures of projects, details of yarn stashes and needles/hooks, discussion groups, etc. Members can message knitwear designers to ask questions if they don't understand a pattern. It is an amazing resource.)
Anyway, I was stunned!
If you are looking for low-cost/frugal sources of inspiration check it out! There are links to patterns for making spiral socks out of the remnants of multi-coloured sock yarns, together with photos of dozens of examples; bags made out of recycled felted sweaters (check out Wynter's First Sweater Tote (rav link)); various rugs; and baby clothes. My favourite item is Manisha's "To Stand On Whilst Brushing Teeth Carpet" (rav link), a rug she crocheted out of strips ripped from an old duvet and some pillowslips.
Manisha was kind enough to answer some questions about the rug. The fabric was ripped into 1.5cm strips, which she zig-zagged together on the sewing machine, until she had a big pile of yarn. then she single crocheted the yarn into a rug.
I'm really tempted to make one of these. I have a couple of old sheets that are on their last legs; they're threadbare and it won't take much for them to wear through.