I recently got a bike from a neighbor who was moving away and it came with a basket just like this one. I like this idea for using different colored yarns to embellish it. What a great way to coordinate it with the bike color. Scoot on over to the link Daria sent in to her blog Kittenhood for the tutorial on how to upcycle a basket with yarn woven through the openings.
Upcycling an old bike is a great way to get a creative look that also celebrates your love for cycling. Bikes can even be broken down into their base components to make almost any item you can imagine