For my friend Noel's birthday present I made a lovely, quick gift - the Puff Daddy. It is a little scarf which fastens by passing a large pompom through a keyhole opening.
I made it with two strands held together, one of Colinette Graffiti in Velvet Plum and one a very boring purple 100% wool aran weight yarn that I had lurking in the stash. The scarf is very warm as, thanks to the giant i-cord construction, it comes out double thickness. Noel seems very pleased with it and has even modeled it for her office! Thanks Noel for the pictures.
I can't wait to do another one: I think I can improve upon it by using some Debbie Bliss Cashmerino Aran for the second strand, which would make the scarf softer overall. I also saw an excellent mega version on Ravelry, where the size had been increased to make a large neck warmer rather than a scarflet.
This is a great project for this time of year - you can make it in one sitting so it will keep you warm as near to instantaneously as knitting will allow!