A last-instant wrapping idea: try newsprint. Cheap, creative, and simple.
Step 1: ...searching...
Find newspaper with interesting graphics. The NY Times is great, check their Arts and Travel sections. Heading for the comics is the classic way to pull this off.
Scissors and tape also needed. Oh, and a gift of sorts. I'll demonstrate on a book, because a scented candle never changed anyone's life
Step 2: You're the Editor
Open up and trim that paper. (You may elect to read it first. My gift's recipient asked me about the Lincoln article and only then did I realize it sounded interesting; I'll have to look for it online.)
Put your newspaper image and item facedown. Center your gift on the print and cut it so the left and right edges can be folded over the gift and just barely overlap. The top and bottom need only be as wide as the gift has depth. Apply tape.
Step 3: A Side With That
Push in the short edges then fold the other sides over. Ideally, the final finishing fold will be neat (it's the only one showing) and will angle towards the back of the gift. This avoids spoiling Honest Abe's portrait. Repeat for the other side.
Step 4: That's a Wrap
There you go. Total cost: six inches of tape and five minutes of life.
Write a note on another piece of newspaper to identify gifter/giftee. Or just write on the paper itself. Maybe add twine. Enjoy the season of consumption with a little recycling.