I've seen this done with baby items, birthday items, etc. I thought I would put a "back to school" spin on it.
Empty - clean & dry 2 liter soda bottle.
school supplies (I used crayons, colored pencils, scissors, pencil bag, pencils, glue stick, ruler)
Fun items (I used rubber band bracelets, Hello Kitty stickers)
Ribbon or Tulle
Once the bottle is clean and dry - make a long slit down the bottle. Place supplies inside making sure the most colorful sides of the packages are towards the outside.
Tie a big bow around the bottle - I chose to use different colors of tulle and made several bows. I also added some Hello Kitty stickers to the outside of the bottle.
I didn't have a card handy - but before I would give it as a gift I would add a card/giftcard inside as well.
This would make a pretty neat graduation gift, too - with pens, small notebooks, gift card to a bookstore or the graduates favorite store - maybe some gum or candy.
Use school colors for the bows.