My daughter was BEGGING me to do a "project" all morning, so finally I pulled out my bag of craft supplies, and I got out three pipe cleaners. that's it, (well, I pulled them all out and had her choose three colors)
We braided the three pipe cleaners, and then put them together at the ends around her wrist. Quick and easy project.
If you're looking for craft ideas for your children, I suggest starting with some pipe cleaners. There are TONS of things you can do with them!
Also--random: but if you like saving money, you should join Right At Home, I get coupons and money saving opportunities, as well as occasional free samples from them. So I figured I would share them with you also!