I just recently learned about the term Upcycling.
(You can learn more here: http://en.wikipedia.org/wiki/Upcycle)
Basically you take near worthless materials or found objects and make them or re-work them into something of more value.
One example is making paper beads, you take paper, newspaper, wrapping paper, etc... and roll it into really cool beads.
I have been experimenting with this and plan on making a video on how to do it, but I need a little more practice first.
Write a post and let me know how you Upcycle!