Sometimes I buy yarn that has no purpose. It's just pretty. That yarn usually sits in my stash until I find a project for it. Sometimes I buy a yarn that does have a purpose: I have a pattern picked out already, and I plan on making it in that yarn. That yarn sometimes actually gets made into the project. More often, it also sits in the stash because I am lazy.
I have two balls of Rowan Kidsilk Night for this exact reason. They were on super-sale at the store I was working at, and I snagged two, hoping to make Ice Queen. And darn it, I was going to make Ice Queen. I was going to make Ice Queen even though I had no idea how to do lace and no matter how dumb I looked in a smoke ring.
I bought this stuff over a year ago. It is still not Ice Queen. Honestly, I don't think it will ever be Ice Queen. (I'm willing to bet I do look dumb in smoke rings.) So what does a knitter with unclaimed stash do? Find a new pattern for it.
That's one of the reasons I love Ravelry so much. You can plug in the weight and yardage of a yarn you've got and it will find patterns that work with your specifications. You can see if someone else has made an item with the yarn you're thinking of using.
IWTMT, meet Wisp. (Here's the Ravelry link.) Wisp is free. Like Ice Queen, it is also from Knitty and can be made with Rowan Kidsilk Night. Ice Queen has beads. Wisp has buttons. Ice Queen is a cowl. Wisp is a scarf. It's a toss-up, but I think Wisp slightly edges out Ice Queen for right now.
We'll see if I actually make it.