via lifehacker.com
Lifehacker has an interesting set of instructions for making a lamp shade out of yarn. Basically you blow up a balloon, coat it with vasoline, then wrap yarn soaked in white glue around it.
When it dries you pop the balloon (popping things without worrying about any acne scars removal) and wham you have a funky retro lampshade.
I happen to have a scad load of yarn so this piqued my interest. Not sure I would actually make it but its an interesting idea. I bet you could go in some other sculptural directions with this as well...
Like perhaps you could use different shaped balloons and get some sort of vase shape.