introLED Throwies
Click on this link to see the LED Throwies in action in NYC thanks to resitor and fi5e!

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step 1Materials List
Part: 10mm Diffused LED
Vendor: HB Electronic Components
Average cost: $0.20 avg per LED
Notes: Cost reductions for larger quantities. Comes in red, blue, amber, white in both diffused and clear. Diffused works better than water clear for the Throwie application. HB has even created a Throwies packs page with deals on 10mm LEDs and lithium batteries!
Part: CR2032 3V Lithium Batteries
Vendor: CheapBatteries.com
Cost: $0.25 per battery
Notes: Cost reductions for larger quantities. With the 2032 Lithium batter, depending on the weather and the LED color, your Throwie should last around 1 -2 weeks.
Part: 1-inch wide Strapping Tape
Vendor: Your local hardware store
Cost: $2.00 for one roll
Notes: One roll will make many throwies
Part: 1/2" Dia x 1/8" Thick NdFeB Disc Magnet, Ni-Cu-Ni plated
Vendor:Amazing Magnets
Cost: $13.00 per 25 magnets
Notes: Cost reductions for larger quantities
Part: Conductive Epoxy
Vendor: Newark In One
Cost: $32.00
Notes: The epoxy is optional.

































Here's the link: http://flickr.com/photos/everythingdigital/sets/72057594069888500/
I'm also working on throwies that automatically turn on upon sticking to something and off when they are removed (as suggested above), and I have a few prototypes working but there are still some bugs to work out.
Throwies on steroids -
The LED ULTRIE!
7 LEDs arranged in a ring
For winning you are receiving a 3 month pro-membership.
http://www.instructables.com/community/June-is-I-Made-It-Challenge-Month-Win-a-Pro-Mem/
aren't the LEDs and batteries harmfull to the enviroment, just toxic waste once they're burned out???
http://waldes.posterous.com/i-like-the-way-light-moves
A useless Instructables.
P.S. I put some in clear and frosted balloons and then plow them up and tie and float 'em on my pool, they look awesome!