We're in love with Xandy Peters' ingenious Fox Paws rectangular wrap.
Using only increases and decreases, stripes are shaped into waves creating a finished wrap that is stretchy and drapery. And the most amazing feature of this technique--it is worked in multiple colours without any stranding or intarsia! Have a look at all the beautiful projects on Ravelry. We especially like this Felted Tweed version. Everyone says the pattern requires concentration but is very addictive!