This is not exactly knitting, but I’ve sure used my old one for trying my sweaters on as I’m knitting or pinning the pieces together to check fit. And it’s really fun to make. Here’s a link for how to: http://www.taunton.com/threads/pages/t00002_p5.asp
And a pic of what I did to it afterwards. (She is in a bathing suit) I ordered the paper tape from Dick Blick which I found on the internet and got a cardboard roll from Joann’s (upholstery department) and placed it on a thrift store floor lamp base.