I used to have the same problem! Here's what I did with my old socks:
Cut off the toe and cut a small circle in the heel to make gauntlets.
Cut the socks up to make dust rags.
Cut out little squares of sock and sew them onto other clothes (i.e. graphic shirts) for a cool Japanese punk/ Harajuku look.
Cut the elastic loops off the ends of the socks to make hair elastics.
Knee socks can be sewn together and stuffed to make a draft guard.
Cut up ugly socks and use them as stuffing for other projects.
Hope this helps!