While this wouldn't really mesh well in my classroom because it seems a bit too cutesy, it'd still be a fun craft project and a great way to get rid of the crayon surplus I have occurring in my classroom. I wish I could trade crayons for glue sticks, since that's what I always seem to need!
So basically, you need a tin can, sharp crayons and a hot glue gun to make these:
The picture really explains it all. Except I would use these for something in the classroom, especially if I taught lower elementary. It'd also be a cute secret santa work gift :)
How I would improve:
-paint the can first, I'm not a fan of the silver showing
-use the same shades of crayons with a contrasting ribbon color (think shades of pink, then a bright green and white polka dotted ribbon)