I introduced figurative language by reading More Parts by Ted Arnold...I love it as much as the kids do!
I let them go through magazines and cut out examples they found of each type of figurative language, advertisements are full of them.
To close it out, I let them make figurative language posters like you said-they illustrated their favorites. I put them in the hall under "Getting Figurative in Fifth". The whole elem. got a kick out of their interpretations!