Here's what I did...
For some great tutorial on rag quilts, have a look at the instructions for my first one here, or have a look at this You-Tube video tutorial here, or these links here and here. This is a link to a pretty striped rag quilt
Green-ness: 5/5 for creating something new out of "old" items.
Frugal-ness: 5/5 for only paying for the postage and not the gift!
Time cost: Probably about 4 hours all up over 3 days
Skill level: Basic impatient beginners sewing in a straight line level!
Fun -ness: This one is great fun - such bright happy colours!