If you really want to crank your gift wrapping up a notch and add some major festivity, then you'll love this last idea: paper garland. Use the handmade garland to tie a present like you would ribbon or twine, and hopefully the garland can be reused for other occasions.
Simply cut a piece of thin string, 2-3 feet long depending on the size of the gift. Use paper circles or triangles cut from coordinating colored paper. Open the paper, glue the inside crease and inside bottom edge. Place paper flag on string, and fold shut, sealing in place. Repeat until the whole string is full, let dry, and tie around your gift.