If you have a pair of bent nose pliers (to hold the beads closed) and an oven mitt (so you're hand doesn't get burned), you could try dunking them in boiling water. That should cut down on any fumes. I don't remember it being very stinky, but it was a while ago...and I did have the windows open.
Just thought I'd share a pic of the necklace I made for the Melting Madness Swap (link in christinacoghill's post above...but the image of my necklace wasn't working). I made a bunch of beads but only a handful came out decent enough to use. Now that I've seen some more examples, it has renewed my interest in trying this again!
librarylass- Excellent package (nice job addicted2knitting)! The blue fabric on the bag is very cool, and the rainbow fabric makes it all so cheery! And, the Dickens book is an awesome thing. I love how it is such an old edition. And, the amount of time it must have taken to make that bookmark...well, I'm impressed!
RubyTuesday- I love the pendant you made from the bottom of the bottle. Did you poke a hole in it before you melted it? And, I really like the nice cheerful colors you used. What a great collection of little beads!