fence post = boring, turned pencil holders = fun(er)
I made these at Maker Place http://www.makerplace.com
from an old 4" x 4" cedar fence post laying around.
Of course you don't need to use a fence post, any 4 x 4 will do.
It just shows that you can bring life back to any chunks of wood laying around by turning it on the lathe.
Cost: $5 at most
Time: 1.5 hours or so