Friends of mine recently started a family and on my question whether I can make anything for their little one they asked for a balloon wrapper. It takes up minimal space when stowed (aka w/o inflated balloon) and is nice and touchy once you put a lung full of air into it.
Best thing: it uses up all those scraps you still have lying around. In my case this was less than a quarter square meter of cloth in bits and tatters :)
