1. Use an old tablecloth or great vintage find, that maybe has some stains, to cut into cloth napkins or dish towels. Doing this is simple and doesn't take much time at all. Cut your fabric into appropriate sizes and seam on the ends to keep from fraying. I love this idea because you know get a dual use out of something that was purchased for a single use.
2. Don't throw out old or outdated placemats. Simple cut them down, or size them to use a drawer liners. These can be used in the bedroom, bathroom, or even the kitchen.
3. If you are getting ready to purchase a new gas range, save the burner grates. Clean them well, spray paint them a fun new color, and use them as trivets in your kitchen. You could even use them plant draining too.
4. If you have a pile of lost socks, and you know you are never going to find it's mate, these are perfect for new animal toys. Knot the socks for a great new tug-of-war toy for your dog, or place a scoop of catnip in the toe and knot the end for a neat new toy for your kitty.
I hope this gives you a new eye is seeing some of your treasures! I bet you can even find new life in things that aren't mentioned here.