A couple of Swiss designers (the blog says German, but the consensus seems to be that they're Swiss) have made some pretty innovative items using everyday objects. They range from genius, to completely ridiculous, but all of them are insanely clever.
I love things like this. It just shows how much you can extract from seemingly mundane objects and how the function of something can be totally turned on its head. And it's always the simplest things that become the most versatile, all you need is the right problem.
One of my favorites is the "Summer Pedals." Not only is it a great solution to the problem, but it also evokes a certain feeling. It instantly made me remember riding my bike barefoot as a kid, and then it made me wish I had tought of the sponge solution.
Found on Core77.
Update: Here is the link to the company responsible for the designs. It's not in English, but there are pictures.

