I was at the firework festival in Montreal with a couple of friends last year, and there was these people selling glow sticks, LEDs gizmos and other flashy stuff.
I bought two LED light sticks for about 5 bucks each. I wanted to strap them to the frame of my bicycle but couldn't find any tie wraps outdoor, even the cops didn't have any.
Back at home I took them apart, after seeing Ladyada's spokePOV I thought I could strap them to my bike's wheel instead, a lot more blinky.

Step 1: Stuff You'll Need

Here's the various things you'll need :

_{1 or 2 Light Stick thingy}
_{A Hot Glue Gun (with glue sticks)}
_{Some Cable Ties}
_{A Philips Screw Driver}
_{A Dremel Rotary Tool, or anything else you use to cut plastic}
_{A Roll of Electric Tape}
_{A Bicycle, obviously}

Step 2: "If You Can't Open It You Don't Own It"

Pull on the plastic tube where the LEDs are, then, with your screw driver take apart the handle.

Inside you'll find a small flashing circuit and 4 LR44 button batteries.

Step 3: Modify the Handle

Remove the circuit and the batteries from the handle and remove also the battery pads.

With your Dremel or anything else that cuts plastic, hacksaw, Big Knife, whatever ; cut the handle to keep only the battery compartment.

Step 4: Glue Everything Back

Put the battery pad back in the casing, along with that batteries, then hot glue the circuit to the other side of the holder

Step 5: Mmmm, Hot Glue...

With your glue gun put a goupious amount of hot glue to every LEDs electrode, I formed the hot glue blob by licking my finger and modeling the glue, the saliva keeps the hot glue from sticking to the skin thus burning it, be careful though, remove any hot glue that sticked to you skin as fast as possible.

Who knew that hot glue tasted sweet ?!

Step 6: It's a Wrap!

Wrap the entire battery case/circuit with electrical tape to make it weatherproof, leave only the button sticking out.

Step 7: Tie Everything Up.

Cable Tie everything to the wheel, it's easier if you remove the wheel form the bicycle.

Strap the holder/circuit to the hub of your wheel and the LED string on a spoke.

Cut all the cable ties and your done!