Lately I've been making these fantastic and easy woven friendship bracelets: http://www.homemade-gifts-made-easy.com/make-a-friendship-bracelet.html. They are fun to make and handy to have along while waiting at the dentist office or wherever. I've got some tips on colors/patterns for those of you who are interested.
Rainbow Spiral (7 Colors)
For a rainbow bracelet, start with the 7 colors (blue, green, yellow, orange, red, purple, violet/pink) in this order:
Stripes (3 Colors)
For a striped bracelet with 3 colors (3 of the first color, 2 each of the second and third), start with the 7 strands in this order:
Here is a photo of what this one looks like: