Today's fantasy knitting is Ballyronan by Michelle Stead, (Crafty Flutterby on Ravelry).
Ballyronan is a cowl with lace and textured stitches that make for a pretty pattern, one that is perfect for variegated or semi-solid sock yarns (and who doesn't have plenty of those). I think I would to knit it with a yarn that has a little halo, maybe an bit of alpaca or cashmere blended with wool. A light and airy cowl that is cozy and warm too.
If you want to knit lace, but need a quick project, maybe a last minute gift, take a look at Chasing Waterfalls. This is a beaded bracelet that only requires 30 yards of leftover sock yarn. These knit up so quickly you will be able to fill a lot of stockings. I like the idea of using one as a coffee cup cozy.