Idea #3 Make a snowflake square, then make a bunch more snowflake squares, then turn them into very cool presents.
Here are the directions to crochet the bottom square's icicle edge: There should be one icicle point in each of the double loops. In the first loop, chain 3, sc2 back down the chain, then in the second loop, sc1. Repeat all the way around the square.
Either style makes a great coaster. Weave four squares, embellish with four snowflake patterns and you've got a pretty nice hostess gift (or add a bottle of wine for a great hostess gift.) Snowflake patterns are easy to make up or find online.
Or scale it up, turn 12 squares with a variety of snowflake patterns into a winter themed place mat. Make a table runner that is just the right size for your table. Keep in mind that the single crochet edge makes a very pretty join, just whip stitch the squares together.
Make a set of place mats or just keep going and make a cozy winter blanket as a gift for yourself or someone you really care about (I mean, come on, its going to take a lot of squares). I would suggest only embellishing a few of the squares so that it doesn't get too busy. Consider using a number of different shades of blue for the larger project to add more depth/texture to the design.
Idea #4 Make a pin loom poinsettia as a Christmas pin or to embellish a gift, make a whole bunch of pin loom poinsettias and decorate a tree!
Make the bloom by finding a thread right in the middle of the square and pulling on it to cause the square to pucker in. Then pull on the other thread (you're pulling on one horizontal and one vertical thread) to create four petals. Do the same to the second square and stack the two squares to make a multiple petal flower.
Add a bunch of french knots in yellow and light green to create a poinsettia like look. This sample flower has a 4" green square, folded diagonally, attached to the bottom.
There is no end to the fun things that can be done with the flower. We've all got a hat or a purse somewhere that could use a little Christmas cheer.