[TerryT]

Last year I bought some inexpensive, clear glass (ball) ornaments at Wal Mart and took off the top, hook-holder-thing.The students (with your help) add different colors of paint to the inside (just squirt it inside) and swirl it around. It creates a pretty marble effect. Let it dry out for a few days and then put the cap back on.Then I take a permanent marker (gold is nice) and write "Merry Christmas from Joe", or get them to print it themselves.
I found this a quick and easy gift to make when I was short of time last year and the kids really liked it. Wrap it in tissue or something protective and put it into a paper bag the kids have decorated.
You could also put different colored beads inside the ornament if you don't want to mess around with paint.