Here is a fun gift-wrapping idea for a graduation gift. I have made a DVD of music, photos, and quotes for my friends for graduation. I wrapped the DVD case in newspaper and painted it (the square top of the cap), bought $1 wooden squares and painted them (from Michael's for the bottom of the cap), and used shred as the tassel- tied it together and hot glued to the top.
Just a fun packaging idea if you're giving a square gift or anything that would fit in a square box!