I tackled a new project this last Christmas..tiny crocheted earrings. I was pleased with the way they turned out and plan on making more this year. my model makes them look even prettier (thanks steph).
I used crochet thread and sort of played around with a few different "flower" patterns until I found a few I could actually master and make look cute as earrings. One of my favorite places to find new crochet and knitting projects is Ravelry (more thanks to Steph for passing along this website). Most of the patterns are free and I love the search tools it offers...you can really narrow down your search to exactly what you are looking for down to the type and amount of yarn you have to work with. So, if you've got scraps of yarn and thread going to waste it's time to put them to use! Start making it a point of using up what you have even in your craft basket/closet/cupboard/drawer before you go buy more.