One thing I did with some of my left-over wrapping paper was make a fun wreath out of it for a Secret Santa gift. It turned out pretty cute, so I thought I'd share.
I'm not very good at explaining things, but here goes:
1) Make a circle out of pipe cleaners however big around you want the inside of your wreath to be. (I found only one pipe cleaner to be too flimsy, so I braided three together.)
2) Cut a strip of wrapping paper a couple inches longer that the circumference of the circle and about three or four inches wide (wider if your circle is large or if you want the wreath to be bigger). Cut the strip width-wise about every half-inch, leaving an uncut half-inch on one long edge to connect it (sorry, I know that's confusing).
3) Tape the end of the uncut edge to the pipe cleaner circle. Make a small fold in the edge so it continues around the circle. Tape that to the pipe cleaner as well. Continue until you have covered the entire circle. Cut off the remaining paper.
4) Make another strip the same way, same length but an inch or two narrower. (I used a different wrapping paper to make it interesting, but you obviously don't have to.) Repeat step three with this strip over-top the last one. Continue creating however many layers you want your wreath to have, making each layer a little narrower than the last. (I only had two layers because it was a small wreath.
5) Tape another pipe cleaner to the back of the wreath to hang it by. You're done! ^^