I went through a dyeing phase in my early 20s where no sheet or old shirt was safe from my wrath. I bought all of the Rit Dye shades that Fred Meyer stocked, and my roommate/friend Cody and I would go to the thrift store and pick things to turn new colors. I still love Rit Dye, and I'm a faithful follower of Edie's Fashion Factory (Jr. Rit Ambassador). The good news is that Edie loves Mod Podge, and sometimes she posts projects using the world's best decoupage medium. These bracelets are a perfect example.
I have a lot of girlfriends that love bracelets, and after reading her entry I think it would be very easy to make a bunch for gifts, you know, just because. It's a really fun project so I will let you read the tutorial right here. You also have to see the graphic at the bottom of her blog – I just love it.