This list will be a little short... because any of the tree skirt possibilities mentioned above could be applied to Christmas stockings as well! But here are a few more Christmas stocking-related suggestions...
  

• Decorating with stockings could be a whole theme in itself, if you have a collection of them. ...Put 'em all over the house! - hanging from kitchen cupboards and the refrigerator handle, in the bathroom, on the door to the garage, on the bedposts, and maybe little ones on the tree.
    
• Real stockings might be fun, if only for a gag one year. Hiking socks, men’s dress socks, tube socks, ankle-less athletic socks, nylons, dog boots... !

• Tan chamois (or ultrasuede?) stockings with a Native American design at the top, under which is sewn a row of long, beaded fringe cut from the leather or fabric

• How about cowboy boots made of felt? - one color for the background, one or two other colors glued or stitched on for the decorative design elements.

• Sew simple stocking shapes out of old patchwork quilts - memorably beautiful.

• Don’t your pets need Christmas stockings too? (A dog bone-shaped one, perhaps? Or one in the shape of a cat’s paw, with the markings of the print?)

• A gift apron might be tied into a surprise "stocking" container

• Hmm, maybe everybody should wear their stockings after they empty them... On their feet (should each person get two? - they wouldn’t have to match), or on their heads?

• In fact, what about Christmas hats instead of stockings one year? (gloves or mittens the next?)

• Or maybe hobo bundles on sticks? (And speaking of "swagmen"...)