On a practical note - you could darn the hole closed and reuse the socks as socks. If that is too much to bother with, you could still use them for cleaning - they make good dusters/scrubbers, or for buffing metal, apply finishes, etc for crafting projects. If you have dry hands or feet, apply lotion then wear them to help the lotion soak in. Use clean ones for packing or wrapping items that may be fragile or delicate. If they are cotton, you could even shred them and compost them.
You could use the fabric for making dolls, sock puppets, or for stuffing things too. They probably could be turned into tug toys or stuffies for pets, or soft balls, or blocks for babies.
Thanks for your suggestions. I thought about making sock monkeys with them. I'll have to play around and see what works. Thanks again!