Dry rotted and broken strap.
Step 1: Making Rubber Strap Pieces
Cut rubber strap into squares.
You can get a great number of pieces out of one strap (note: depending on its length and the amount of deterioration).
Step 2: Drill Bit Set
Grab your drill bits and choose the size you need (note: the strap width will determine the maximum size you can use).
Step 3: Making Rubber Washers/Spacers
Drill a hole in the center of the rubber square (note: I used a belt sander to shape them round).
Step 4: In Use
An example of its use (note: I am protecting my paint from metal to metal contact).
Notice the compression of the rubber shows deterioration on the outer edge of the unsanded strap, but the core of the rubber is in good enough condition to protect my painted piece at the center of this sandwich.
Step 5: An Additional Use DIY Rubber Feet
Rubber Feet. I use a countersink bit and screw them to wood projects.
Member "BeachsideHank", suggested using "double face tape and these make great electronic project cabinet feet."