I use all of my yarn scraps (and my friends' yarn scraps! Otherwise they just throw them out or keep them in a drawer for years) for making funky stocking caps.
A small amount of yarn is also good for making a small change purse
Or, if you're still on a sock kick, make a nice pair of socks for a dear stuffed animal. My stuffed moose have many knitted accessories made of scrap yarn.
Advice from a Moose: Think big * Spend time in the woods * Eat plenty of greens * Hold your head up high * Stay on track * Keep your nose clean * It's OK to be a little wild!