I have wood scraps everywhere, some I want to keep and some I don't. I decided I would make a simple project that might use up some of them. Here it is.

(note: it might take you a good deal of time at first, but after you get the hang of it, it won't take so long)

Step 1: Chuck

Attach a chuck to your lathe.

Then put the wood in, and slide the tailstock down to the wood.

Step 2: Rounding the Wood

I started by using my roughing gouge to round the wood, then to make the cut finer I used my skew chisel.

Step 3: Start Carving

Use a 1/4 spindle gouge.

Measure about Half an inch from the end, and make a little gouge in the wood(as shown in first pic).

Then use a spindle gouge and start rounding the ring. You are going to make a slight circle in the wood(as shown in pics above).

Use the 3/4 skew chisel to make the slight circle more round. Make sure the middle of the ring lines up with the middle of the circle.

Step 4: Sanding the Outside/Polish

Start sanding the outside of the ring with 100 grit then move to 250 or 350 grit. If you want to polish it, do it now. I would take some of the wood chips and hold them up to to the ring, this is a really inexpensive way to polish.

Step 5: Carving the Inside

Take the tailstock off and move the tool rest up to the end of the ring, put the tool rest right below the center of the ring(as shown in first pic).

Then take the 1/4 spindle gouge and start carving. After you think you made it to the end of the ring start making the thickness of the ring smaller. Be really careful not to put to much pressure on the wood(because I broke mine the first times).

Step 6: Sanding the Inside

Make small strips of sandpaper(same paper as before), and start sanding the inside. It doesn't have to be the best sanding job because we're going to sand the inside with the rotary tool too, but do the best you can.