well, you just missed easter.. otherwise I read somewhere that you can like dip it in clear wallpaper glue, and then string it around a balloon a zillion times.. then pop the balloon.. and voila, a weirdo egg. ^^
you could learn tatting, though maybe your floss is a bit short to do any big stuff (www.tatting.net
or something similar has tatting instruction videos)
you can use it for tiny picture weaving (tie four matchsticks together to make a frame, string some sowing thread around for the basic thingy, and then weave with the floss)
use it to decorate cards and presents and whatnot
do simple, "useful" embroidery like decorate a couble of mittens, or a hat, or something.
There's a bracelet you make (I don't think you meant this one since you said "knot") by just forming loops with your fingers... um.. You take two strings and tie them together at the bottom. Hold the knot between thumb and whatever finger you feel is comfortable.. Form almost loop by letting the strings rest over your index finger and then go down again.. um.. if you didn't use the index finger for holding the knot.. then just pull loops through and through.. if you get what I mean. It sounds weird, but looks good
I can't really explain without pics.