I've got tons of milk jugs! I imagine you could use this idea and add a strap type of handle. Reusable gift bag if you did that. Change up what you cover it with for the purpose, Christmas fabric, Valentines Fabrics, etc.
A sparkleball is a magical ornament handmade from plastic cups and a string of mini-Christmas lights. Free tutorial with pictures on how to make fairy lights in under 60 minutes by constructing with plastic cup, clothes pin, and fairy lights.