Think back on the fun projects you might have done as a kid, before you felt the need for fancy materials and when the possibility of something shrinking in the oven was totally exciting. I remember lots of Smurf Shrinky Dink projects. Well now it doesn’t need to be just for kids.
Check out these instructions for inexpensive ribbon metals on instructables.com
Or these “Doodle Charms” with instructions on homemade shrinky dink. They come out looking like stained glass
Or even plastic rings as posted here on PlanetJune
And last, though I am sure you can find tons more projects, check out Photojojo.com for a tutorial on photo necklaces, earrings etc using shrinking plastic. I love this project!