Upcycling
Last night I stumbled across the project 30 days 30 things by college students at the University of Applied Arts in Vienna where they are taking items and upcycling them into new, functional things.
Upcycling is when an object that would have been thrown out or recycled is repurposed into a new object. In this case they use things from plastic water bottles to found pieces of styrofoam boards.
For more ideas projects you can do, check out 100 upcycling ideas.