Click through the jump to see how.
It doesn't matter if you take white glue and thin it out with a bit of water, or mix up your own batch of homemade paste from starch and water, simple paper strips stuck over a ballon (think elementary school pinatas) will give you the basic shape for this project. It's a great way to use up old junk mail or things that are typically found in your paper recycling bin. After making several and allowing them to cure for a full 24 hours, take a pin or needle and pop the balloon inside. Using the hole created as a starting point, simply cut out a larger circle. Paint the insides (and outsides if you choose) of your new spherical cubbies and let the fun begin. You could use these in a grouping like they are seen here (thin wire found at the hardware store would work well to hang them with). Used in mass quantity they would take up a large space that would otherwise cost mega $$ to decorate. They could also be used as cell phone holders on landing strips, if used individually, or on your desk at work to hold paper clips and rubber bands.
Let your imagination run free and don't be afraid to think outside the box. Remember, when making a project of this manner, there is no wrong way to do it!