Maia made her own wrapping paper the other day with liquid watercolors, a dropper, and white tissue paper. I put a piece of matboard underneath (free from a frame shop) to absorb the extra watercolors that soaked through.
I wouldn't say this is the best project in the world, but Maia was asking for a "project" and this is what I came up with at the moment. The white tissue paper is folded over, and actually you could probably use a few sheets instead of just one. The watercolors will just soak through all the layers. I left it on the matboard to dry.
Use in gift bags or to wrap a gift!