When I was growing up, almost every time I visited my grandmother we'd do a craft project. They ranged from beaded Christmas tree ornaments to quilling, crocheting, latchhook rugs, embroidery, papier mache, all sorts of painting and probably much more that I've already forgotten.
These days I channel most of my creative arts energy into home improvement projects. I still occasionally crochet potholders out of cotton yarn (I never made it past squares and rectangles) and someday I'll finish embroidering that set of pillowcases I began around the time I got married (10 years ago, for those of you playing the home game).
A friend has been trying to talk me into learning how to knit, but I've read enough blogs written by knitters to be wary of the time and expense that hobby can demand. It's almost gardening time, so that'll get some of this out of my system, but I'm still in the mood to try some other creative work.
What's your favorite useful craft that can be done in a relatively short amount of time?
Update: I just learned that there's a new show on Style Network premiering today called Craft Corner Deathmatch. That sounds like my kind of craft show!