Are you talking about the polyester or acrylic felt, normally used for crafts, or felted wool?
Craft felt won't wash well, so you'd want to make something that wouldn't need washing - a wall hanging, maybe? I've seen cute Advent calendars made from felt, as well as felt ornaments. Ornaments may be for any season, depending on color/design used. Embellished with embroidery, they can be very simple or very complex.
If it's all one color (a single cut), of craft felt, I think you'd have to use it for the base of a wall hanging of some sort. Or, donate it to an elementary school for use in their art classes or possibly for costumes.