A few years ago, I knit monster slippers for my boyfriend and gave them to him for Christmas.
Long story short, they did't felt down enough, were too big, and he never wore them. In fact, he got a well-fitting pair of slippers from someone else the same year, so his slipper needs were met. After some initial disappointment, we both forgot about them.
Fast forward to this August - when packing up his room to move to Edinburgh, I found them under his bed, and reclaimed them as my own. A little chopping, measuring, and sewing... and they now keep my feet warm. One great thing about felted wool is that it doesn't come unraveled when you hack at it. I like happy endings.
Have you salvaged a failed knit?