Another functional crochet project that I made recently is a basket to hold all my scrap yarn! I made one of these (in one solid color) for my mom for Christmas. This one is perhaps a little less attractive, but it was a great project for "busting" my stash a bit also- all of the yarns I used were really old!
The pattern came from Purl Soho's blog, an inspirational place to find cool project ideas! Of course, as a yarn shop they want to encourage you to buy their expensive yarn to complete the projects. The basket would have been much cooler in their suggested yarn, but I think it's just as functional using the cheapest stuff out there, too.
Here's the pattern: Crocheted Stash Basket