Turns out you can do a lot with a simple piece of cloth!
Step 1: Bracelet
You can wrap it around your wrist for a casual looking bracelet.
Step 2: Headband
Tie it on your head for a cute headband or a sport headband.
Step 3: Ponytail Holder
Tie it on your hair for a ponytail.
Step 4: Present Tie
Use it to wrap a present...
Step 5: Bag Handle
or a handle for your handbag! And that's all I've figured out... for now.