I had this tired old floor lamp that I had grown bored with. I think I got in when I was in college. I was going to replace it, but then I got an idea to give it a makeover... at $0 cost.
This is a very easy project, but it takes a little time and patience. The only things you need are yarn and a glue stick. I already had both, so this cost me nothing. I know most of you already have both of those items in your house already too, so you should also be able to do this for free.
I chose this wine-colored yarn that coordinates with my living room. I think multi-colored yarn would be cool too, but I just used what I had. Anyway, start by giving your lamp a good dusting. When it's dry, glue the end of the yarn to the bottom of the lamp. (You could start at the top just as well.)
Using the glue stick, apply glue to the first 4-6 inches of the lamp. Then wrap the yarn around and around.... and around and around... and around and around (you get the picture). Keep applying glue as you go, several inches at a time. It will take a long time, and you probably won't finish it in one sitting/ standing/kneeling. But when you are done, you will end up with an Extreme Makeover: Lamp Edition!
I imagine this would look even cooler with more shapely lamps. I just had a plain old pole to decorate, but I'm sure there are much more interestingly-shaped table lamps out there in need of decorating.