I tend to save anything that I can potentially use again--great for the environment but not so great for my storage situation. I had a stack of brown paper wine bags like this--
Gather some acrylic paint, foam brushes, and foam stamps--
And stamp your bags--
Tie them shut with a cute ribbon and they can be used as a gift bag for a bottle of wine or other small gift. You can reuse any paper bag or even a sheet of paper to make your own gift wrap. This is a great project for kids, too. My 3-year-old son stamped some gift tags while I was making my gift bags. I must have been really happy with the results because each time he stamped a gift tag he would say, "Mom, don't you just LOVE it? I just LOVE it!" Glad my husband wasn't around to hear that!