I love this use for an old spool shown at Stampington. It is for a towel holder, but wouldn't that be a fun way of displaying pretty ribbons or baker's twine?
See The Pioneer Woman's daughters' bedroom redo here, including a cute little area for them to work on their crafts. One photo below.
I love this space on Emily Henderson's blog. Click this link to see more photos as this one below is actually the before photo!