Loom loops - not just for looms anymore!

I bought a plastic loom with a metal hook and a bag of cotton loops for just over $5 at Hobby Lobby. I made my parents several potholders and then got bored. So I was surfing the web and found a web site called makingfriends.org which has all sorts of cheap, nifty craft ideas. Using a technique called 'finger weaving' which a friend had already taught me how to do with yarn years ago, you can make everything from scrunchies to jump ropes to belts to rugs with loom loops. It rocks! My friend and I made each other scrunchies, and I am working on either a jump rope or a rug(Hopefully a rug). By the way, if you are out of loops, you can cut up old socks. I wouldn't know whether or not to reccomend for potholders, but they work for finger weaving!