One idea to make use of all that leftover gift wrap is to make a bracelet out of paper beads. This one was actually made from pages of Rolling Stone magazine, but I think gift wrap would work just as well and give a prettier result.
Find full instructions here at Craftster!
One a more… mechanical end of the scale, I found instructions for making a curiously strong ‘personal massager’ out of an empty Altoids tin and a battery operated toothbrush. Oh, and while the illustrations for this particular project are probably reasonably safe for work, the rest of the site really isn’t.