I will do just about anything to avoid doing some things. This is why I decided that I just had to make myself a felted sweater handbag yesterday while I should have been cleaning. I followed the instructions that I found on this great blog: The Inadvertent Farmer .
The whole thing took less than two hours and was very simple. I used my felting needle to tack things in place, but then needed to hand stitch as well. Definitely try this with any old sweaters you have hanging around.