Don't know how to knit? I have posted a series of basic knitting tutorials.
Step 1: Materials
I could only find laces that were 36" long so in order to knit them I had to fuse them together (next step.)
Step 2: Making Your 'Yarn'
To start wrap one lace around each hand leaving a short tail.
Heat each tail on the pan for 3-4 seconds to get them warm. Lift them off the pan and pinch the ends together.
Now that the ends are slightly attached, put them back on the pan for a second making sure the ends are touching.
Repeat last step 4-5 times, only leaving the ends on the pan for a second. While they are on the pan press the ends together (be careful - I used my fingers to press them together, but if you want to be safe you can use a spoon). When you lift the ends off the pan pinch them together with your fingers.
When done, let the ends cool for a minute.
Attach all the ends together to make your yarn.
Step 3: Knitting Pattern
I used size 17 needles and my gauge was approx. 2-3 stitches per 1"
Cast on 8 stitches
r6: k2tog, k4, k2tog
r8: k2tog, k2, k2tog
r11: k2tog, k2tog
Break the yarn off leaving about 4 inches. Weave the end in.
[I apologize for not taking pictures while I knit - I got distracted with making my pattern]