under stair storage - I think this would be more useable storage than the closet that's currently under my stairs!
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Install clever storage draws - under the stairs, storage ideas, ideas for alcoves, hall way
Understair storage! Perfect for under the main staircase.
Storage under stairs at Loon Lake for musical instruments (have plugs in the walls at the back of the closet, and have amps on wheels: just pull out and use, no setup). Since the stairs turn, even the lowest cupboards would be a couple feet high. That way, the musical instruments are out of sight, but easily available for an impromptu concert in the living room. There could even be shelves inside one door for music books.