i actually would make a magic scarf out of it. basically you knit for until it is about 1/3 the length you want it to be and then start binding off. As you bind off though you drop every other stitch. Once you are done, you start pulling. it looks all cool and lacy. I always just close up the openings with a fringe.
The only problem i EVER have making this is that one end always looks looser than the other and I think it is because of all the pulling.