Make tree ornaments out of old CDs. Glue two CDs back-to-back with a 5-inch loop of ribbon (for hanging) sandwiched in between. Decorate with paint, photos, felt, beads, buttons, faux jewels, ribbons, stickers, etc. 

 http://www.craftynest.com/2010/08/inexpensive-handmade-holiday-gift-ideas-part-2/