what to do with a knitting spool?

[momolo.livejournal.com]

So I went out to hobby lobby tonight with the intention of buying some circular magnets for my marble magnets....

One hour and $25 later (I bought yarn and stencils and t-shirts...), I found myself with Clover's Wonder Knitter (http://www.worldknit.com/Merchant2/merchant.mv?Screen=PROD&Store_Code=1&Product_Code=bry_3101&Category_Code=k_g) a knitting spool similar to the one below, only with more fancy gadgets.



Anyway, what kinds of things can you make with these? And how? Also, what method of knitting do you recommend on this?

I'm finding it mildly amusing for the spool to "poo" out a cord, but I don't want to end up with 10 feet of poo and no constructive ideas. :)