Okay I LOVE this (no pun intended)...[photo credit]
You could spell out anything you wanted...
The traditional "Live, Laugh, Love" or "Dream, Believe, Imagine" etc. You could also spell out your last name, or decorate a child's room with their name (or for a baby shower). So many possibilities!
I've been super crafty lately... there are so many felt flower hair clips & head-bands on my crafting desk it's pretty much ridiculous. One of my friends told me I should start selling them... maybe I will. =)