Cut off the arm, sew it under, tie the hand cuff shut with a cord and a jingle bell or ball at the end, and you have a long, cute stocking hat.
If you cut off the top under the sleeves, hem it to keep it from unravelling, then run a cord or ribbon through the bottom, you have a skirt (that would match the hat). The bottom part of the sweater becomes the top of the skirt, see?
I'm in the process of making a sweater blanket. I'll post a pic when I'm done. I'm totally just dumpster diving sweaters out of the dumpster behind the rummage house and the social service league. Plus some of our old, worn out sweaters. I just didn't want to use sweaters that could be used for something else; but these suckers are ready to be made into a blanket to keep me warm!!!!