I have seen this projects at Ljerka's blog . She made a yarn container. Having a Yarn container is good and very useful thing. First, your yarn will never get dirty or it won't tangle.
I have used an old plastic container. Previously this container had spices in it. I have a lot of this containers, so that means that I can do different yarn containers for me and friends.
I have glued a ribbon on the lid. Maybe I shouldn't of done that because it looks pretty without the ribbon, but I wanted to add my personal touch on it.
And if the yarn balls are smaller the container can keep two balls. That's why I have drilled two holes on the lid.
Recycling is a very good thing. You get rid of the thins that you don't need and by recycling them you get to create new more useful things.