How to get upwards of $6 worth of parts from a $1 flashlight. So, if you bought one of these and feel ripped off, here is a nice way to make lemonade out of a lemon.
Step 1: Shake it, BREAK it!
First, you need to unscrew the lenscap. Next, carefully give it one good shake and be prepared to catch the inner tube. I recomend doing this while standing at the foot of your bed so it lands safely on it.
Step 2: Cheap Parts!!
Slip the batteries out using a pen and remove the circuit board by removing the single phillips-head screw holding it on. Voila, You now have:
1 - Ultra Bright white LED, great for throwies. (approx. $0.99 ea @ RadioShack)
2 - CR2032 batteries, useful for throwies or replacing the battery in your car's remote. ($1.95 ea @ WallMart)
And assorted other parts like a small circuit board and a magnifying lens, etc. that I'll give a cumulative value of $0.50 just to round things out nicely.