My collegue Cindy made a bunch of these funky bracelets from old chain plates, aluminum spoke nipples and brake cable. The clever thing is that the chain plates curve the cable around so the bracelet hugs your wrist without the need of any kind of clasp. And, since I share Peter Jon White's opinion that "aluminum nipples are junk", I find this to be a very good use for those shiny colored aluminum spoke nipples. Right now the only place you can get Cindy's bracelets is Sammamish Valley Cycle in Redmond WA and they will probably sell out by Christmas.
Another source of recyled cycling-related items is Resource Revival. While Resource Revival is hardly a huge company, they are a bit bigger than Cindy's one woman show and they have all kinds of things including picture frames, bottle openers, candle holders and even tables all made from bicycle components.