I found a great way to use old CDs:
First seen here. You can find the tutorial here. The clocks are made from old CD's covered with paper. This would be a great gift as a single clock, but I love that there are multiple clocks displaying different areas of the world. This particular clock was made for a tween for her bedroom. Wouldn't it be fun to make one of these for grandparents who have kids and grandkids in different time zones? Each child and their family could have their name displayed above a clock that is up to date whatever time zone they happen to live in. This would also be a great gift for a child with grandparents in different time zones.
Make sure you get your clock kits on a good sale or with a coupon. You can also buy just the clock parts without the numbers (notice the bottom clock has buttons for numbers, but you could use anything!) to make this a budget-friendly gift.