These starry ball ornaments have a simple crocheted star wrapped around them, making an elegant new ornament out of an old one. You can make a handful of these before Christmas arrives and hand them out to friends and family in pairs. The pattern is also on Ravelry.
Not enough ideas? About.com has a list of 100 homemade gifts you can give year-round. Most of these are gifts kids could make, so let them go wild - then you don't have to make so many gifts by yourself. Invoke your creative spidey-senses and personalize them all. A note on these: not all gifts are created equal. Some, like the fortune cookie, are cute and fun. Others, like this blanket with sleeves, are just a bad idea every time.
That last one sounds so familiar... Oh yes. Now I remember where I've seen that before.