I had one of those cheap Target octopus floor lamps (red, white, and black edition), and the base was starting to break and it wouldn't stand up straight. Also, the colors of the lampshades were all wrong for the colors of my living room, so I began to think of ways to upcycle it since all of the electrical parts still worked. Here is what I came up with, for use in my kitchen to replace the hideous built-in fixture!
I cut the cord right where it comes out of the base at the bottom, and unscrewed the entire head of the lamp, pulling the cord out with it. Then, at the cut ends of the cord, I stripped an inch of the plastic coating off each end, revealing the bare wires. Being careful to get all the loose wires, I took each end, and twisted the wires back together, effectively joining the cut ends back together. Then I covered the loose wires with a good amount of electrical tape to make sure it was safe. After the cord was fixed, I simply unscrewed each lamp head and removed the colored plastic shade part, leaving the bare bulb. Then, I tied a loop in the cord and hung it from the ceiling in my kitchen.
VIola! New trendy bare bulb pendent light for $20 and some electric tape!
If I redid this, the only thing I'd change is to figure out how to wire the light so I could have an on-off switch a little lower, since the switch is on the head where all the arms come together. I will probably cannibalize a rocker switch off another light at some point to correct this.
This is similar to the one I used, but mine was red, white, and black, and there was no angle to the top of the colored shades... I'm not sure if this one that they sell now unscrews the head and the colored shades as easily as mine did.