The folks at ModCloth (yes, the online store) show us how it's done, making over a bargain pair of old speakers into something brand new for their space.
All it takes to kick off this trasformation is removing the front panel and old fabric from the speakers. Tape (or staple, or glue) your new fabric around the old frames, like you're re-upholstering a bar stool. Replace the panel and voila! New speakers!
Want to try this at home? Pick out a great fabric (try to find a textile about the same weight as the fabric that previously covered your speakers) and get to work! ModCloth has documented the whole DIY project in photos from start to finish, so you should have no trouble following along in your own DIY adventures. Check out the full post here.
(Images: ModCloth Blog)