Scraps of several different types would be great on stuffed baby blocks... satin on one side, corduroy on another, flannel on another. Heavy fabric scraps (jeans, canvas) could be sewn together to make small totes. Flannel makes a great backing for baby and kid quilts - so snuggly.
Another idea, depending on the size of your scraps, is a paperback book cover with built-in bookmark. My mother-in-law uses one she made years ago for most of her reading; it's quite handy. I just did a quick search and found a tutorial here:
http://sewing.about.com/library/sewnews/archives/aabookcover.htm